BAA has agreed to buy 700 homes under threat from the new third runway at Heathrow Airport.
Proposals for the runway have made it difficult for residents in the area to sell their properties, reports the BBC. BAA has offered to purchase properties within the area in its Property Market Support Bond scheme. They will also fund legal and removal costs and stamp duty equivalent to the value of properties at the time they are sold to BAA.
The offer is open to residents of 700 properties – including homes in the village of Sipson and part of neighbouring Harmondsworth – for the next 12 months. BAA said the step was being taken “to reduce the uncertainty faced by residents wishing to sell their property”.
The news comes the day after the announcement that Gatwick is to be sold to the owners of City Airport for £1.5bn, and a week or so after reports emanating from the Tory Party Conference that BAA had given up on a third runway altogether, which were subsequently denied by BAA.