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Review Reinforces Government Action On Weathertightness

Contributor:
Fuseworks Media
Fuseworks Media
Maurice Williamson
Maurice Williamson

A PricewaterhouseCoopers (PwC) report released today on the size and cost of the weathertightness problem reinforces the Government's work towards assisting affected homeowners, Building and Construction Minister Maurice Williamson said today.

"I commissioned this report because we needed to know the magnitude of the problem so we could respond appropriately," Mr Williamson said. "The PwC report shows the damage is much larger than anyone had previously wanted to acknowledge.

"The review estimates that between 22,000 and 89,000 homes are affected. The Government accepts PwC's consensus forecast that around 42,000 dwellings built between 1992 and 2008 could have been affected.

"The report says it is likely that only a minority of these leaky homes - around 3500 - have had repairs done to date, and around 9000 failures had now gone beyond the 10-year legal liability limit period.

"This leaves thousands of New Zealanders in a terrible position: they may not be able to borrow the money to repair their homes, or to sell them, so their single most important asset is decaying in front of their eyes."

Based on 42,000 failures, the report estimates the total economic costs of fixing the affected homes at $11.3 billion in 2008 dollars.

"Issues can be laid at the doorstep of a lot of people and organisations, but the blame game has been played for too long - now it's time to act. That's why the Government is bringing together a package as a priority to help affected homeowners repair their homes and move on."

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