8 DECEMBER 2014
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Heathrow has announced further plans to extend its property compensation scheme should an additional runway be built at the airport. In May it said it would offer 25% above unblighted market value compensation for 750 homes that would be subject to compulsory purchase.
John Holland-Kaye, Chief Executive of Heathrow, explained the scheme at an Airports Commission community event last week: “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.
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.
Typically for a £250,000 property, homeowners would receive £312,500, plus stamp duty costs and any legal fees. Approximately 3,750 homeowners’ properties would be eligible for compensation under the revised scheme.
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. http://your.heathrow.com/newpropertycompensationqa
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