Residents living close to Stansted Airport are to have the value of their homes guaranteed for up to 15 years. Those living closest to the proposed second runway will benefit from a new Home Owner Support Scheme - launched by Stansted Airport owner BAA.
The initiative allows homeowners to sell their homes for the price they would have expected if plans for an additional runway did not exist.
To date over 30% of owners have sold, or are selling their property to BAA.
Market rate for 2002
The firm is promising to buy property at a market rate index-linked from June 2002 - the time when extra runway capacity at the airport had not been considered.
BAA Stansted managing director, Terry Morgan, said: "It is designed to target help at a specific group of people who own property in the area closest to the site of the proposed new runway, and whose properties are likely to be worst affected by it."
Dozens of houses are to be demolished to make way for a planned new runway at the Essex airport while many others would also be affected by the development.
The support scheme would also bring BAA in-line with proposals contained in the government's White Paper on the future of air transport in the UK.
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