House builder Taylor Wimpey sets up £125m fund to fix sub-standard cladding on flat blocks

Taylor Wimpey has announced a £125m fund to fix cladding on flats to meet safety standards

3/2/2021 6:31:00 PM

Taylor Wimpey has announced a £125m fund to fix cladding on flats to meet safety standards

The FTSE 100 firm said the sum would cover the cost of improvement works on more than 200 buildings put up over the last 20 years.

Taylor Wimpey said its fund would include apartment buildings below 18m.It said it would pay for and oversee improvement works of flat blocks it owns, regardless of whether they are eligible for the government fund"to make them safe and mortgageable" by meeting the latest regulatory standards.

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Image:Persimmon has also put aside millions to fix claddingIf Taylor Wimpey no longer owns the building and it is not eligible for the government cash, it will contribute to"fair and proportionate" improvement work, it said.The provision adds to £40m previously set aside by Taylor Wimpey to pay for the removal of ACM cladding, the type which was used at Grenfell, on high rise flat blocks - though the company said they met regulations at the time they were put up.

Taylor Wimpey said that since then there had been a number of updates to regulations."Many leaseholders have been left with unreasonably large bills to ensure their properties are safe and in line with post-Grenfell safety standards," the company said.

The announcement came as Taylor Wimpey announced a 68% fall in profits to £264.4m for 2020 as the coronavirus crisis saw sites shut down during the spring and sale completions slump.But the housing market has bounced back, helped by a stamp duty holiday, and the group said it now had a record UK forward order book.

Builders such as Taylor Wimpey stand to benefit from this week's Budget if the chancellor extends that holiday.The Treasury has already revealed plans to guarantee 95% loan-to-value mortgages for first-time buyers,lifting sharesin the sector on Monday.

Read more: Sky News »

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For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to he's marksust7 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️ In response, leaseholders of the UK have announced a renewed, full-scale campaign to bring absolute justice to bear on this buildingsafetycrisis. The vile era of laissez-faire and buyer beware for building and fire safety will end: EndOurCladdingScandal