A third runway at Heathrow would benefit the economy greatly but the government needs to make sure it compensates those affected by it, brokers argued.
MPs voted 415 to 119 in favour of building another runway, which the government said won’t cost taxpayers anything, will benefit the whole country via guaranteed internal flights to the rest of the UK and by creating 100,000 jobs.
But this means an estimated 260 homes will be demolished, there will be more noise pollution for local residents and changes to the M25 causing more congestion and pollution.
Jonathan Burridge, sales manager at The Mortgage Broker, thought it’ll be great for the economy long-term.
He added: “It’ll have a negative impact on a great number of people but you have to look at the longer-term benefits.
“From my own experience people in that situation have been compensated well and I’m sure those people affected by this will be well compensated for it.
“There’s the growth of employment opportunities, the money it’ll bring in and the opportunity it will bring for Heathrow to remain one of the major hubs the world and to maintain its post past Brexit.
“This has a significant benefit for the economy, London and England as a whole.”
Transport Secretary Chris Grayling said only if air quality commitments are met will the work go ahead.
He announced £2.6bn in compensation for residents and noise control measures and added that the £14bn runway will be completed by 2026, increasing Heathrow’s annual capacity from 85.5 million passengers to 130 million.
Ray Boulger, senior technical manager at John Charcol, thought that although its been approved, its likely to be some time before the work actually starts and in the meantime people nearby need compensation.
He said: “Clearly expanding will create more employment so hence more demand for properties within a commutable distance from Heathrow so this may push up prices as long as it’s not near the flight path.
“If you live over the flight path then clearly the extra noise is a negative. Everyone deciding to buy near Heathrow needs to factor in the impact of what’s being planned there.
“Some may take the view that getting it cheaper outweighs the noise, others may not. The key is people knowing as much as possible and then they can’t complain after taking a decision, knowing all the facts. But people who bought properties there 10 years ago couldn’t have predicted this.
“It’s important people living near are compensated at a sensible level of market price plus a margin of around 5 to 10% for the inconvenience. Treating those people fairly is really important.”