New Build Dwelling Starts Drop In Quarter One 2018
Property developers will be interested to read that, according to the Ministry of Housing, Communities & Local Government House Building; new build dwellings, England: March Quarter 2018 Housing Statistical release published on the 28th June 2018, the number of new build dwellings that were started to be built amounted to around 39,350. This is a fall of 5% in comparison to the last quarter of 2017. It is also a fall of 8% when compared with the first quarter of 2017.
The number of completions were around 38,160 for the first quarter of 2018 with this being 9% less than in the final quarter of 2017 and 4% less than the first quarter of 2017.
Presumably, although not always the case, it may be that when there is a fall in the number of new residential properties that are started to be built/ completed this could also mean that the number of requests for development finance may have fallen some time before the new build start date of the properties. Those property developers needing funding to buy land/build new homes will obviously look to arrange their development finance well in advance.
Developers are fortunate that there are numerous providers of development finance here in the UK. No longer is such finance just available from banks and building societies. There are numerous specialist development finance providers including the likes of peer to peer lending platforms as mentioned in a previous blog post. This enables property developers to shop around to try to get a competitive lending package.
One of the ways of sourcing development finance is to use the services of an experienced broker who can help source the most suitable product based upon the requirements of your business and also sometimes taking into account your personal situation. Using a broker that has an extensive panel of lenders can, potentially, save you a considerable amount of time enabling you to focus on what you do best – run your business on a day to day basis.