Heathrow extends property compensation scheme for third runway homes

Heathrow extends property compensation scheme for third runway homes

Heathrow has announced plans to extend its property compensation scheme should an additional runway be built at the airport.

In May the airport announced plans for 25 per cent above unblighted market value compensation for 750 homes that would be subject to compulsory purchase.

Having listened to local residents, Heathrow is now proposing to extend this offer to cover homes that will be in close proximity to a new runway but will not be compulsorily purchased.

Under the improved scheme, residents living in communities close to a new runway will have the choice to either remain in their home or sell their home at 25 per cent above unblighted market value once the new runway is under construction.

For a £250,000 property, homeowners would receive £312,500, plus £7,500 stamp duty costs and any legal fees.

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Homeowners in Poyle, Colnbrook, Brands Hill, Harmondsworth, Sipson, Harlington and Cranford Cross will be covered by the improved scheme.

Properties in Longford and parts of Sipson and Harmondsworth are covered by the previously announced compulsory purchase area scheme.

The proposal is in response to feedback heard at public consultations between July 21st and October 12th of this year.

The offer is subject to regulatory approval by the CAA.

Approximately 3,750 homeowners’ properties would be eligible for compensation under the revised scheme.

John Holland-Kaye, Heathrow chief executive said: “Our proposals for expansion at Heathrow have been developed with input from local communities.

“We are committed to treating people fairly. People told us that we should extend our offer to local homeowners living close to the airport, and we have listened.

“Now we want to work with local communities to ensure that local people secure the jobs and growth that expansion at Heathrow will bring.”

Heathrow will be issuing its full response to the recent public consultation, including more details on property compensation and noise compensation and mitigation, in early 2015.