Ministers open up housing market by adjusting cladding guidance

An expert panel, commissioned by Robert Jenrick MP, secretary of state for housing, advised that there is no systemic fire risk in lower-rise blocks.

According to the statement by Jenrick, all major lenders, including HSBC UK, Barclays and Lloyds Banking Group, have welcomed this advice.

Jenrick said: “It is my expectation that these actions will significantly ease the challenges faced by the vast majority of leaseholders looking to buy or sell flats in high-rise buildings and ensure that leaseholders do not face huge bills for unnecessary remediation work.”

UK Finance and the Building Societies Association said in a joint statement: “Flats should be safe places to live so we welcome the government’s expert panel view that there is no systemic risk from fire in medium and lower rise blocks.

"We also welcome the actions the government has outlined today, including the withdrawal of the current Consolidated Advice Note on cladding, and urge them to continue to work with relevant stakeholders to ensure all documents, including the RICS guidance, align with the views of the expert panel.

"Once these changes are made, both borrowers and lenders should be in a clearer position and know what is expected of them.”