Gove announces Major Developers to Fund Building Safety Repairs

The Government has confirmed a legally enforceable agreement with the major housing developers that they will fund the cost of repairs to cladding and other fire safety defects on medium and high-rise buildings.

This supports the principle that “the polluter should pay” and leaseholders should not face the cost of putting right defects in homes which they bought in good faith.

For further information, please see the link below to the government website.
Housing developers, including 35 of the UK’s leading names, will contribute a total of £5bn to fix safety defects.

£2bn of the cash will be deployed to all buildings over 11 meters in height which the homebuilders played a role in developing in the last 30 years.

A further £3bn will also be provided by developers, through a levy on new developments, for buildings where the party responsible for the defects cannot be identified or made to pay.

While more detail is awaited on the mechanism, this seems a significant victory for leaseholders.

Michael Gove, Housing Secretary, commented:

“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”.

For further information, please see the link below to the government website.