02 Nov Massive Financial Impact for UK Housing Associations Following Grenfell Tower
Exactly 1 year after the Grenfell tower fire, the UK’s largest housing association who own over 700,000 homes between 14 counties has announced that they will be projecting a massive 1.9bn on safety bills up until 2025.
72 people died in the incident while leaving hundreds of people homeless. The disaster is known as the most lethal fire incident since the 1988 Piper Alpha disaster and the worst UK residential fire since the Second World War – September 1, 1939 – September 2, 1945.
The phase 1 report that came after the Grenfell Tower fire suggested major changes in building safety and building management. Building management and fire safety expenses cover a wide array of activities which range from paying for fire safety training, fire safety assessments in addition to material items such as cladding remediation & fire equipment such as fire extinguishers & evac chairs. Book evacuation chair training.
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Several associations across the UK have forecasted paying over 900 million pounds by the year 2025 who own in the region of 450,000 homes between them. Similay, we spoke with landlords who own property outside of greater London also predict spends amounting to over £220.000.
The rise in expected costs come even after many housing associates have spent over tens of thousands since the Grenfell tower fire, with 16 of the respondents spending over £450,000 on fire safety measures since the incident.
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Reports also show that safety expenses and costs have dramatically increased since the Grenfell fire, with over £200,000 being spent in 2019 and 2020.
In a survey conducted by 30 of the UKs biggest housing associations returned 17 respondents of which 14 could provide a forecast of future fire safety expenses. Changes laid out in the new fire safety bill as a result of the Grenfell tower fire could also add to the rising costs with legislative changes and proposals for building safety managers and safety cases for high rise apartment blocks.
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Zero carbon agendas and house building are a likely event that housing associations will have to consider to know where the money will actually come from.
Authorities need to understand that expenses including building repairs, zero carbon applications and fire safety training & assessments all come from a single account, meaning that if one is affected then it will affect the other for certain” stated a partner at Campbell Tickell.
Considering the rising costs in building management and fire safety, it will mean that we will be able to build fewer homes unless associations can call on the government for help”
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