I don't agree with the argument about house-prices, or the fact that the airport has been there longer.
Any house will have its disadvantages, and apart from in Colnbrook, aircraft noise probably isn't a knock-out issue for many.
However, the quality of life for most Londoners could be improved by getting rid of aircraft noise. It might not be so beneficial as getting rid of air pollution or traffic noise, or doubling the capacity of the underground, but it would help.