Springbourne Homes Chief Executive Lee Harris has taken part in a construction industry summit to address the challenges of raising finance for future building developments during such uncertain economic times.
The think tank was organised by market-leading digital platform TheBusinessDesk.com and included West Midlands accountants Jerroms, Birmingham commercial estate agents Siddall Jones, retail bankers Aldermore, property software outfit Nimbus Maps and digital designers JYD Group.
Lee was invited to describe the difficulties facing house builders at a time when high interest rates and inflation have served to undermine the confidence of homebuyers and lenders.
Lee explained: “It was an excellent platform for industry experts to discuss recent economic changes and industry challenges as the nation balances on the cusp of recession.
“Construction has been adversely impacted by the government’s mini budget, rampant inflation and frequent interest rate rises which have caused many developers and investors to slam on the anchors, running down works in progress to limit exposure during uncertain times
“However, the consensus around the table was more about taking breath rather than throwing in the towel, especially as there are now some encouraging signs finally emerging.
“Interest rates and inflation appear to have peaked with both predicted to fall over the next 18 months. In anticipation of this good news, I feel confidence in the property market is already returning.”
TheBusinessDesk.com’s assistant editor Anna Cooper added: “We discussed the challenges of acquiring finance for new developments, as costs continue to increase and lenders tighten their requirements.
“We also explored the best way to structure a UK property purchase, as tax legislation continues to change and we examined the options available with specialist lenders for companies looking to kickstart new year projects.”
Lee’s positivity about an upturn in the property market is mirrored by Springbourne’s ambitious plans for 2023, commencing with the construction of 29 new luxury homes in a countryside setting just south of Melton Mowbray.
Springbourne also has planning permission for the construction of eight luxury homes at The Coppice in Burbage, near Hinckley, and for a stunning bespoke residence in the heart of Cornish fishing village, Port Isaac – home of the popular Doc Martin TV series