Government Pledge Standard Approach To Highrise Valuations

The government are putting measures in place to create a standardised and agreed approach in valuing properties in high rise buildings impacted by dangerous cladding.

For buildings over 18 metres tall, the government are urging stakeholders such as surveyors, lenders and insurers to ensure the EWS1 forms are shared ‘appropriately to support this section of the housing market.’

To help achieve this aim and promote transparency, an industry group is designing a data-sharing portal so ‘ lenders and leaseholders can access the information needed to proceed with sales and re-mortgaging.’

For buildings under 18 metres tall, a roundtable is set to be held with mortgage lenders to help agree an holistic and standardised way of agreeing a formula for mortgage valuations on properties in unsafe buildings set to undergo building safety work.

The government also announced mandatory sprinkler systems and wayfinding signage in a high-rise buildings over 11 metres tall.

Housing Secretary Rt Hon Robert Jenrick MP said:

“The government is bringing about the biggest change in building safety for a generation.

“Today we have made a major step towards this by publishing our response to the Building a Safer Future consultation. This new regime will put residents’ safety at its heart, and follows the announcement of the unprecedented £1 billion fund for removing unsafe cladding from high-rise buildings in the Budget.

“Today we are also announcing that the housing industry is designing a website so lenders and leaseholders can access the information needed to proceed with sales and re-mortgaging, and the government stands ready to help to ensure this work is completed at pace.

“Building safety is a priority and the government is supporting industry in ensuring homes are safe at this difficult time.”

Mark Hayward, Chief Executive, NAEA Propertymark, commented:

“Public safety is paramount, and we’re pleased the government is introducing changes to ensure residents are kept safe.

“The introduction of a website will allow lenders and leaseholders to access information in a timely manner, enable transactions to go through quicker, and help those who have been left unable to sell or remortgage their property to do so.

“Ultimately, these changes will help the housing market get back on its feet once we’ve moved through this period of uncertainty.”

Andrew Parkin, PEPA Chairman said:

“We welcome the Government Advice on the production of EPCs in these difficult times and it is reassuring that the guidance PEPA had already provided for its members, and for Energy Assessors, dovetails with the Advice which has now been published. With the property market continuing to operate, and EPCs being integral to the process of selling and renting properties, it is really important that Assessors are clear about what is expected of them.

“Of course, the number of EPCs being produced is a fraction of what they were just a few weeks ago, and many assessors are already feeling the serious financial impact of lower volumes, alongside all other parties involved in the property market. As many operate through small company structures, we have written to the Chancellor asking that the Government support for the selfemployed is extended to cover the dividends as well as wages which provide income to those affected”.

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