A year is a long time in the property world, but I’d like you to cast your minds back, if you will, to early 2017 when the government published its Housing White Paper.
When outlining why the housing market is broken and what measures will need to be taken to fix things, the then Housing Minister Sajid Javid said:
“We will diversify the housing market, opening it up to smaller builders and those who embrace innovative and efficient methods. We will also make it easier for people who want to build their own homes.”
And, to reiterate this commitment, in his Autumn Budget, Philip Hammond vowed to back smaller developers to tackle the housing crisis.
The message was clear. The days of the market being dominated by the big-name developers are coming to an end. It’s time for a new generation of property enthusiasts. Innovative, enthusiastic folk and forward-thinking SMEs who have vision and drive. It’s time for the next generation.
Over the months that followed, progress in this area has not been as forthcoming and that could be for a number of reasons.
The government has called on SME developers to step up but hasn’t exactly been doling out the help or incentives as yet. Plus, the ongoing uncertainty in the economy caused by Brexit may well be having an impact.
But I wonder also whether it’s because SME developers don’t know where to get funding.
The development finance market stands on the cusp of something huge. This year alone a raft of new lenders have entered the development space. The opportunity for growth is significant. But developers need to be aware of what’s out there.
If you’re struggling to finance a project or simply planning ahead for future builds it’s essential you speak with a specialist broker, with access to the wide and varied world of development finance. An experienced broker like Finance 4 Business will be able to help you find the best product for your project so you can realise your vision.