Property investors with holiday homes or rental accommodation in Essex were given an Olympic boost recently following news that plans have been approved to extend the runway at Southend Airport.

The proposed improvements at the airport will also assist in the regeneration of the area which in turn will increase the value of property investments.

The Stobart Group, which owns Southend airport, says the expansion plans will be finished well before the start of the London Olympic Games in 2012 and they estimate close to two million people will be using the facility by 2020.

Building work on a new railway station linking the area with the centre of London has already started and is due to open this summer which will increase the rental opportunities for buy to let landlords and property investors.

Plus, the journey from Southend to the main Olympics Park at Stratford in East London, will only take 40 minutes making the area an attractive place for visitors to rent during the 2012 games.

Alastair Welch, MD of Southend Airport said: “We are incredibly pleased that the project can finally and fully get underway. The approval will see a 300m south west extension to the runway. Works will now get underway as soon as possible to meet the target completion date in 2011.

“It is not just about the convenience of a local airport serving popular destinations, it is about the regeneration that this will bring to the wider Southend-on-Sea area, with the potential to enable many thousands of additional jobs over the next 10 years.

“This development will make a significant contribution to increasing the attractiveness and prosperity of the South Essex area for businesses, which experts believe will have a positive effect on house and commercial property prices.”

The final go head for the plans was given by John Denham, the Secretary of State for Communities and Local Government.