The government department went on to cite its Building Safety Fund, a £1bn scheme announced back in the March 2020 Budget to support the remediation of unsafe cladding systems on residential buildings 18 metres and above.
"We are progressing applications to the Building Safety Fund as quickly as possible. Despite many building owners failing to provide the basic information required, more than 600 buildings with estimated remediation costs of £2.5bn are now proceeding with a full application."
Like the Building Safety Fund, the reserves for buildings under 18 metres only cover cladding, and not smoke alarms, fire alarms, and dry risers, which will all impact property value and affordability. One industry source told FTAdviser this will likely be a “future saga”.
This is why lenders are calling for more consistent, government-led messaging. Saffron’s Hall said the industry needs “clearer guidance from the government”.
He continued: “Let’s get this standardised. It’s very hard to write policy when it changes all the time.”