Homeowners in Surrey and West Sussex could face sharp price drops after the government approved a £2.2 billion second runway at Gatwick Airport.
Estate agency Yopa estimates properties in the so-called Gatwick Diamond — including Crawley, Reigate & Banstead, Horsham, Mid Sussex, Mole Valley and Tandridge—may lose as much as £40,000 during construction before a potential rebound once the runway opens.
Short-term turbulence for property values
Yopa’s analysis shows an initial 1%–5% dip as buyers factor in noise, traffic and uncertainty over new flight paths.
- Mole Valley could see average prices fall by £16,205 with a 3% slide.
- Reigate & Banstead may drop £14,588, while Horsham and Mid Sussex each risk more than £13,000 in value loss.
- Crawley, closest to the airport, faces a smaller average decline of about £9,790 in early stages.
Once construction is underway, price falls of up to 7.5% are possible, equating to losses of £40,513 in Mole Valley, £38,270 in Tandridge, £36,469 in Reigate & Banstead, £33,080 in Horsham, £32,713 in Mid Sussex, and £24,475 in Crawley.
Landlords weigh disruption against opportunity
Verona Frankish, chief executive of Yopa, acknowledged local concerns: “Homeowners will be understandably worried about the impact of a second runway on property values. Without certainty around flight paths, noise and air pollution, demand could soften and saleability suffer, particularly for homes closest to the construction zone.”
For landlords, the figures highlight a classic risk-reward equation. Temporary discounts could present an entry point for buy-to-let investors willing to tolerate noise and dust during the build. Rental demand around major infrastructure hubs often remains strong, with proximity to an expanded international airport a long-term attraction for tenants working in aviation and logistics.
Potential long-term upside after 2030
The project will move Gatwick’s northern runway 12 metres, enabling full-time use, and expand terminals, with first new flights expected in 2029.
Yopa forecasts that once operational and economic benefits—new jobs, improved transport links—filter through, house prices could rise by about 9.5%, more than recouping early losses.
Frankish added: “While some households may see values fluctuate during the build, the long-term outlook is positive and the Gatwick Diamond could become one of the market’s growth hotspots in the years following completion.”
Editor’s view
Short-term noise and construction dust are never easy to price in, but infrastructure-led growth has a habit of rewarding patient investors. For landlords eyeing the Gatwick area, today’s dip might be tomorrow’s opportunity—provided they budget for higher soundproofing and potential voids during peak construction. Could a temporary fall pave the way for the next rental hot-spot in the South East?
