13th Mar 2023 17:12
(Alliance News) - Barratt Developments PLC, MJ Gleeson PLC, Taylor Wimpey PLC and Berkeley Group Holdings PLC on Monday joined other building companies in signing the UK government's self remediation contract.
Barratt, the Leicestershire, England-based housebuilder reiterated its belief that leaseholders should not pay for remediation of life critical fire safety issues with their homes. The firm anticipates its building safety remediation programme will be delivered over the next three to five years.
Sheffield, England-based MJ Gleeson stated it was moving quickly in executing a programme of inspections and fire risk assessments and does not expect to make any additional provisions to the GBP12.9 million provision already announced.
Taylor Wimpey followed suit. The High Wycombe, England-based housebuilder restated a "long held view that leaseholders should not have to pay for the cost of remediation." It said it has committed significant funding and resources to address fire safety and cladding issues on all affected Taylor Wimpey buildings.
Berkeley, based in Cobham, England also confirmed it has signed the contract which follows the signing of the developer pledge letter last year.
The self-remediation contract requires developers to fix unsafe buildings from the past 30 years. The new requirement follows the Grenfell Tower fire in 2017, which was made deadly by flammable building cladding.
The self remediation contract widens builders' responsibilities regarding potential remediation work which may need to be undertaken.
The four companies follow Vistry, Crest Nicholson, Persimmon, Redrow and Bellway in signing the contract.
Shares in Barratt Developments closed up 0.1% at 438.46 pence in London on Monday. MJ Gleeson closed up 0.8% at 417.43p, Taylor Wimpey closed 0.4% higher at 116.21p and Berkeley Group closed down 1.9% at 3,964.12p.
Vistry closed down 1.7% at 764.15p. Crest Nicholson finished 1.7% lower at 223.20p. Persimmon closed down 1.5% at 1,219.13p. Redrow lost 1.4% at 464.00p. Bellway ended down 2.7% at 2,042.00p.
By Jeremy Cutler, Alliance News reporter
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