Extra £3.5bn to remove unsafe cladding on high-rise

The government has announced an extra £3.5 billion of funding to remove unsafe cladding for all leaseholders in residential buildings 18 metres (6 storeys) and over in England. The press release published today (10 February 2021), lists the 5-point plan announced by government:

1. Government will pay for the removal of unsafe cladding for leaseholders in all residential buildings 18 metres (6 storeys) and over in England
2. Generous finance scheme to provide reassurance for leaseholders in buildings between 11 and 18 metres (4 to 6 storeys), ensuring they never pay more than £50 a month for cladding removal
3. An industry levy and tax to ensure developers play their part
4. A world-class new safety regime to ensure a tragedy like Grenfell never happens again
5. Providing confidence to this part of the housing market including lenders and surveyors

The press release also confirms “Lower-rise buildings, with a lower risk to safety, will gain new protection from the costs of cladding removal with a generous new scheme offered to buildings between 11 and 18 metres. This will pay for cladding removal – where it is needed – through a long-term, low interest, government-backed financing arrangement.”

Read the full press release here.