Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Housing, Communities and Local Government, what estimate his Department has made of the level of revenue lost by (a) tenants and (b) leaseholders due to home sales not progressing as a result of cladding-related issues in the latest period for which figures are available.

The information requested is not held

The Government has announced over £5 billion in grant towards the removal of unsafe cladding on buildings over 18 metres in height. This unprecedented investment in building safety will help hundreds of thousands of leaseholders, who will be protected from the cost of replacing unsafe cladding on their homes

Alongside this a generous finance scheme will also provide for remediation of unsafe cladding on buildings of 11-18 metres in height. Leaseholders will pay no more than £50 a month towards this scheme. We will publish more details on how these schemes will work as soon as we are in a position to do so

Instead of facing sudden cladding bills of tens of thousands of pounds, leaseholders will need to pay either nothing, or up to £50 per month towards fixing the problem. This helps gives lenders certainty both that the cladding will be remediated, and of the total potential financial impact on a leaseholder and their property.

This announcement is therefore an important step towards restoring confidence in the housing market. It provides certainty for lenders where unsafe cladding is present and complements the wider work we have underway to continue to develop a proportionate risk-based regulatory environment on fire safety

We continue to work with industry to ensure risk assessment is proportionate, which we hope will enable mortgage and lending markets to re-stabilise.