c52
I don't agree with the argument about house-prices, or the fact that the airport has been there longer.
Nor do I - the airport has been there (commercially) since 1945 so it is more than well know. if people buy under the flight path?
caveat emptor.
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.
Road noise and it's attendant pollution would make the biggest difference. When I lived in Shepherd's Bush (1979-1984) the railway at the bottom of the garden blanked out sound for nearly a minute per cargo train. Aircraft ( a lot noiser then) did not impinge anything like as much.