Knight Frank says the recommendation by the Airports Commission that there should be an additional runway at Heathrow will probably cause blight.
James Del Mar, head of Knight Frank’s rural consultancy department - a division which has acted for property owners affected by infrastructure schemes, including HS2 - says the commission’s recommendation highlights the need to reform the current system for paying compensation to blighted home owners.
“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” says Del Mar.
“The current compensation system works well for projects that are quickly approved and developed, but is seriously lacking when it comes to those living in the shadow of a major infrastructure scheme” he says.
In its final report, the commission, set up under the previous coalition government, said expansion of Heathrow would add £147 billion to the economy and 70,000 jobs by 2050.
The government says it will make a final decision on what, if any, expansion will take place at any London airport, by the end of this year.