Knight Frank warns that homeowners will be hit

 
Lauren Fedor
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THE PROPOSED scheme for paying back hundreds of homeowners who would be forced out of their homes by runway expansion at Heathrow airport is “seriously lacking,” according to Knight Frank.

The Airports Commission has recommended that Heathrow airport compensate the 783 homeowners who would lose their properties at “full unblighted market value plus an additional 25 per cent and reasonable costs.”

But James Del Mar, head of Knight Frank’s rural consultancy department, which has looked at similar schemes involving high-speed rail, said: “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.”

“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 added.