13th Mar 2023 14:30
(Alliance News) - Vistry Group PLC, Crest Nicholson Holdings PLC and Persimmon PLC on Monday joined other building companies in signing the government's Self Remediation contract.
Vistry, based in West Malling, England, said it "strongly believes that the cost of remediation of fire safety issues should not be borne by leaseholders" and said it has supported the government's aim to "deliver a lasting industry solution".
Crest Nicholson, based in Surrey, which had signed the Building Safety Pledge in April last year, also signed the contract, saying it had "worked proactively with all stakeholders to identify and remediate those buildings which may be at risk within what has been a rapidly changing regulatory environment".
Persimmon said the document's commitments were "consistent" with its principles, having stated two years ago its determination to protect leaseholders from the costs of cladding.
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.
Vistry, Crest Nicholson and Persimmon are joining housebuilders Redrow and Bellway in signing the contract.
Shares in Vistry were down 2.1% at 761.50 pence in London on Monday afternoon. Shares in Crest Nicholson were down 1.8% at 223.00 pence. Persimmon shares were down 1.6% at 1,218.00 pence. Shares in Redrow were 2.1% at 460.70 pence. Shares in Bellway were down 3.4% at 2,027.00 pence.
By Sabrina Penty; Alliance News reporter
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