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BAA Stansted launches home value guarantee for local community

BAA Stansted announced measures to re-assure people living near Stansted Airport about the…

BAA Stansted announced measures to re-assure people living near Stansted Airport about the effect of airport expansion on their homes.

Speaking two days after a Government White Paper calling for a second runway at Stansted, BAA Stansted said that it would respond promptly to any home owner within the boundary of the enlarged airport wishing to sell.

Terry Morgan, managing director of BAA Stansted airport said: Compulsory Purchase Orders for properties needed for major developments are usually awarded at the time when planning permission is granted, often resulting in years of uncertainty for home owners.

No-one can be sure how long it will take to get planning permission for the Stansted expansion, so today we are delivering certainty and flexibility to those whose homes will unfortunately need to be taken, with our Home Value Guarantee Scheme.

Through the scheme, home owners will be able to sell to BAA at the time that suits them for the full market value of the property, based on June 2002 values, index-linked to regional property prices. We will also cover removal costs. On top of this, home-owners who sell will be entitled to an ex-gratia payment of 10% of the value of the home when BAA obtains planning permission.

The exact boundaries of the enlarged airport will be made public on or before 27 January 2004 and the scheme will become operational in spring 2004.

Terry Morgan added: There will clearly be some local residents whose homes fall on or very near the boundary, when it is specified. We will deal with these cases as sensitively as possible.

BAA Stansted also said that it is planning to introduce a second scheme, the Home Owners Support Scheme, aimed at others close to the new runway who want to move but whose property values have been severely affected by the prospect of noise.

Statutory arrangements are generally limited in this area, so we intend to provide support for other home owners close to the new runway, whose property values may be seriously undermined by the prospect of noise, said Mr Morgan.

The outline of the Home Owners Support Scheme will be published early in the New Year, for discussion with local community representatives.

BAA Stansted also committed itself today to an acoustic insulation scheme for people severely affected by noise when the new runway opens.

These schemes offer people significantly better terms than those usually available. We are determined that we will engage in regular dialogue with our neighbours at Stansted to ensure that we do everything possible to address their concerns, said Mr Morgan.

Theodore Koumelis
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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.