The government has cancelled the Leeds leg of the HS2 high-speed rail line.
That line will now run on existing upgraded routes, with HS2 only stretching to East Midlands Parkway.
It will still stretch from Crewe to Manchester to the west of the country.
Some £96bn of investment will go towards modernising rail services between the East and West Midlands, Yorkshire and the North West, and establishing three new high-speed tracks.
Northern Powerhouse Rail (NPR) will provide services through a new high-speed line, which will cover Warrington, Manchester, and Marsden in Yorkshire.
The Midlands Main Line and the Transpennine Main Line will be modernised and electrified, while the East Coast Line will undergo digital signalling and power improvements.
Some £625m of funding will go towards supporting the Transpennine Route Upgrade.
Eleanor Bateman, policy officer at Propertymark, said: “The UK government’s Integrated Rail Plan is welcome but falls short of what is needed to encourage economic growth and boost geographical mobility of labour to ensure that the property market is affordable.
“A significant proportion of the £96 billion investment announced has already been promised, and previous assurances that both HS2 and Northern Powerhouse Rail would be fully rolled out appear to have been disregarded.
“The latest ONS House Price and Private Housing Rental indices show a sustained increase in the average cost of homes throughout the UK, including within the Midlands and North of England. These homes will be increasingly unaffordable unless the UK Government recognises that mechanisms to facilitate economic prosperity are needed.
“If the UK government is serious about levelling up and achieving Net Zero by 2050, meaningful investment in public transport to cut carbon emissions, promote connectivity and support the housing market is necessary.”