Thousands of moderns homes will be unmortgageable for years amid a crisis over building safety standards in the housing market.
Owners of up to 1.5 million high-rise flats could have to wait as long as a decade to get sign-off to prove they are safe in the wake of the Grenfell Tower fire.
The tragedy in 2017, which killed 72 people, exposed decades of 'utter rubbish' building work and regulatory failure that left flammable materials on the building to feed the blaze that ripped through dozens of homes.
Now one in 16 homes in England need to be checked for similar types of cladding, as well as insulation, balconies and wall structures to make sure they comply with safety rules.
Thousands of moderns homes will be unmortgageable for years amid a crisis over building safety standards in the housing market. Pictured: Surveyors have said flats in London's Olympic Village marketed at £600,000 are now almost worthless
Without the proof, banks will not give out mortgages meaning owners cannot sell, meaning hundreds of looking to move up the property ladder are now stuck.
Checks on the flats could take 'five to 10 years', according to experts.
Rob Leary and girlfriend bought a one-bedroom flat in Stratford three years ago, but when they split up in 2018, they agreed he would stay in the east London flat and buy her out of her share.
To raise the money he approached Santander to remortgage the flat, which had cost £340,000.
'We got to the stage of a surveyor coming round and it all seemed fine, and then I started to get a series of calls saying they needed information on the cladding,' he told Homes and Property.
Rob Leary and girlfriend bought a one-bedroom flat in Stratford three years ago, but after trying to remortgage the property he was denied lending because of unchecked cladding on the side of the building
Rob’s home is in a block covered in ceramic rain screen cladding, which while not actively condemned, have also not received the safety all-clear in the fallout from the Grenfell fire.
As a result, blocks with cladding need to be inspected to ensure they comply — a job which should be carried out by the managing agent or building owner, in Aurora’s case One Housing Group.
But eight months on the cladding has not been inspected by the managing agent or the building owner One