Heathrow Airport runway expansion
- July 16, 2015
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Knight Frank believes that the recommendations by the Airports Commission stating there should be an additional runway at Heathrow Airport, will be likely to cause concern for home owners within the area.
Head of Knight Frank’s rural consultancy department, James Del Mar has announced that the recommendations highlight a need to reform the current system in place that compensates homeowners. He says “Such a controversial scheme will take many years before it gets to the point where affected property owners qualify for official compensation. But in the meantime the value of their homes could be blighted, affecting those who need to move for whatever reason”.
Its understood that the current compensation system are fine for projects that are quickly agreed and developed, but is extremely deficient when it comes to those homeowners living in the shadow of a major infrastructure scheme.
The final report by the commission, set up under the previous coalition government, showed the expansion of Heathrow would add £147 billion to the economy and 70,000 jobs by the year 2050.
The government says it will make its final decision on exactly what and if any expansion will take place at any London airport, by the end of this year.