Principle welcomes £1 billion recladding fund

Principle Estate Management, the Birmingham company responsible for the care of nearly 6,000 apartments across 234 developments in England and Wales, has welcomed the launch of the government’s £1 billion Building Safety Fund for the remediation of non-ACM cladding systems.

Managing director Brett Williams said: “Housing Secretary Robert Jenrick MP has announced new measures and a fund that provides for the removal of dangerous cladding on residential buildings in both the private and social housing sectors that are 18 metres and over.

“New regulations to be introduced will also ensure the provision of sprinkler systems and consistent wayfinding signage in new blocks of flats over 11 metres tall.”

Funding will also be provided for mixed use residential and commercial developments in both sectors.

Mr Williams added: “Building owners and freeholders can register their buildings in the first week of June, ahead of full guidance and the application process being made available by 31 July 2020 for buildings that meet the technical criteria.”

He said that when the works were completed, it could bring much needed mobility back to the rented and freehold housing sector as far as the affected buildings were concerned.

“A number of apartment owners in buildings with cladding deemed dangerous have been unable to sell their homes in the past three years. Others have struggled to obtain mortgages on such properties.

“As well as providing much needed safety improvements, it may further help with the recovery of the overall housing market, by increasing the options available to buyers.”

Principle is about to celebrate its second year of operations since starting in business on 1 June 2018. The year has seen the company consolidate its position as the UK’s fastest growing residential estate management business with a growing portfolio and many more confirmed instructions in the pipeline.