The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’
George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’View Video
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin AmericaView Video

Latest Share Chat

UK government warns housebuilders not to miss cladding deadline

Wed, 13th Apr 2022 11:25

(Alliance News) - Housebuilders who do not sign up to a voluntary pledge to help fix unsafe cladding on tall buildings could be banned from new construction, the UK government has warned.

Levelling Up, Housing and Communities Secretary Michael Gove warned those who have not signed up to the multibillion-pound plan that time is running out.

"For the companies yet to make the pledge, the Secretary of State has also confirmed there is little time left for them to sign up, and that those who continue to refuse will face consequences if they fail to do so," the Department for Levelling Up, Housing and Communities said.

"The government is introducing new powers that allow enforcement on any remaining companies who fail to sign up, as well as those that breach the agreement they have signed up to.

"These new powers would allow the Secretary of State to block those who refuse to make and deliver on their commitments from building and selling new homes."

Developers will commit at least GBP2 billion to fix their own buildings and the industry will pay a further GBP3 billion through the building safety levy.

More than 35 of the biggest homebuilders in the UK pledged to fix all the buildings taller than 11 metres that they have played a role in developing over the last three decades.

The decision to fix the cladding was taken after the Grenfell Tower fire in 2017 in which more than 70 people died.

The fire spread rapidly due to the cladding that had been installed on the outside of the tower block.

Gove said: "Today marks a significant step towards protecting innocent leaseholders and ensuring those responsible pay to solve the crisis they helped to cause.

"I welcome the move by many of the largest developers to do the right thing.

"But this is just the beginning. We will do whatever it takes to hold industry to account, and under our new measures there will be nowhere to hide."

In January the government said that leaseholders in high-rises should not have to pay for fixing the dangerous cladding.

Many have been stuck for years in unsafe properties that they cannot afford to fix and cannot find anyone to buy.

Persimmon PLC, Crest Nicholson Holdings PLC, Taylor Wimpey PLC, Redrow PLC, MJ Gleeson PLC, Barratt Developments PLC, Bellway PLC, Countryside Partnerships PLC and Vistry Group PLC are among those that have signed the pledge.

In it they promise to act as quickly as possible to fix the buildings, put new building safety guidance in place, and report to leaseholders and government on their progress.

They also will have to listen to the decisions of a dispute resolution service that was set up by the government and refund all the money they have already received from taxpayers.

By August Graham, PA City Reporter

source: PA

Copyright 2022 Alliance News Limited. All Rights Reserved.

Related Shares

More News
25 Apr 2024 10:16

Persimmon quarterly home completions fall but expects full-year growth

(Alliance News) - Persimmon PLC gave an update on its quarterly trading ahead of its annual general meeting on Thursday morning.

25 Apr 2024 08:16

UK's Persimmon confident for 2024, retains annual build target

Forward sales 1.75 bln stg vs 1.69 bln stg a year ago *

25 Apr 2024 07:56

REPEAT: Miner Anglo American reviews takeover bid from rival BHP

(Alliance News) - Stocks in London are called to open slightly higher, after a busy start to the day, with corporate earnings and updates.

25 Apr 2024 07:43

LONDON BRIEFING: Miner Anglo American eyes rival BHP takeover

(Alliance News) - Stocks in London are called to open slightly higher, after a busy start to the day, with corporate earnings and updates.

25 Apr 2024 07:41

Persimmon on track after 'encouraging' trading in Q1

(Sharecast News) - UK housebuilder Persimmon saw a 10% drop in new home completions in the first quarter, but said it experienced an improvement in sa...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.