On Tuesday the 6th of December, I chaired the first event of the Cambridge University Land Society (CULS) Residential Forum. We talked about the implications of the new Building Safety Act.
The Act is designed to drive quality and has huge implications for everyone in real estate, and for our ability to come close to housing targets. There’s important implications for surveyors, architects, developers, investors and crucially customers.
Some nuggets from the brilliant speakers and panellists Jane Duncan OBE Gary Strong BSc(Hons) FRICS FCIArb C.Build E FCABE FCILA Liz Oliver Sarah Kiesel and John Winter:
– Retrospective liability is being increased from six years to 30 years
– Professional Indemnity Insurance costs have increased by 800% on average so far (!!) and c. 80% of architects currently have the wrong insurance cover
– 60% of planning applications are currently being rejected at the design stage as a result of the Act
A huge thank you to Emma Fletcher for all of your hard work to bring together such an important and useful event!