New Housing Development Drops In The UK
Figures released last month showed that the number of new homes being built in the UK dropped in July 2015. The data also revealed that construction development work on the likes of shops and other commercial premises also fell.
It is the first time that there has been a drop in new house building for more than two years. In this respect there was a drop of 2.5% in comparison to the same period in 2014. Commercial work fell by 0.7% when compared to July 2014.
If you are a property developer that is involved in the construction of new residential or commercial premises then this data may concern you. It is to be hoped that it is just a blip and not a trend that is going to continue throughout the remainder of 2015 and beyond.
This latest data does seem rather surprising as you only have to drive around the locality in which you live to notice a number of new housing developments being built whether that be an estate with 100 homes being constructed or one-off 5 bedroomed executive houses. There are also some new commercial premises being built to replace old industrial units that have been knocked down.
Many developers will need to borrow monies to help fund their development projects and, in that respect, you will be pleased to read that there are many commercial lenders willing and able to provide development finance. In this respect, it is important that you obtain the most competitive finance package that you can. It is not only about being able to borrow the funds at the lowest rate of interest as possible but you need to take into account the range and level of fees when trying to source a great development finance deal.
In this respect, here at Commercial Mortgage Link, we can put you in touch with a specialist that has many years experience in arranging development loans and has an extensive panel of lenders to choose from.