As we begin travelling the road to fewer restrictions in the UK, it is fair to say that construction has remained a driving force in keeping the economy moving during the pandemic. In fact, in 2021, the construction output had already reached pre-pandemic levels by March of this year.
However, with a massive increase in construction output around housing repair and maintenance, there has been a March to April drop in construction outputs in housing, according to the Office for National Statistics (ONS) Construction Output and Employment report[i].
The ongoing need for affordable homes, especially with the significant impact on first-time buyers that the Stamp Duty Land Tax holiday caused, is still powerful. The latest report proves that there is still scope for smaller developers to get their fair share of the pie. Could now be the time for SME construction firms to step up and take advantage of brownfield land available to them across Great Britain?
In April, private housing investment dropped to 2.81billion, still a strong figure, but was down 350million in the previous month. With the weather improving and construction conditions reaching optimum levels, Saffron is encouraging small businesses to take advantage of this.
At Saffron Building Society, we work with small developers to provide financing that works for their projects. Our decades of experience and highly knowledgeable team offer a bespoke service to every one of our partners, working with them every step of the way to ensure funds are available at each essential stage of the build.
Our dedicated team is always on hand to discuss your project, provide guidance on development financing requirements, and guide you to the best possible financial outcome for your build. We also work closely with the developer throughout the project and we are close at hand to provide advice, guidance and if necessary introductions to other professional partners to assist in issues which may arise along the way.
To find out more about our development finance offering, please visit: https://www.saffronbs.co.uk/mortgages/tips-tools-support/development-finance
Or you can contact the team directly:
Telephone: 01799 582886 or Email: [email protected].