Cladding costs London flat 90% of its value
According to this, an owner of an apartment in Greenwich’s New Capital Quay development got a shock when a surveyor came back not with the £475k valuation she was expecting, but a £50k one instead. The reason? Grenfell-type cladding; and a dispute between the developers and the residents regarding who should pay the £30m+ bill to rectify it. In the meantime, sales of apartments have frozen, and fire services remain on 24/7 patrol in case of an incident. The Guardian estimates that there might by thousands of homeowners in a similar situation.