However, rather than cowering in doorways and window ledges or stretching, yawning and scratching itself for a while, generally speaking, the industry has come out guns a blazin’ with various developments up and down the UK being pushed harder than a four man bobsleigh on a world record run. This impressive start has been further bolstered by a raft of positive news and statistical data which is sure to add to this momentum.
Figures from the National House Building Council (NHBC) have shown that 133,670 homes were built in 2013, the highest number since the start of the economic downturn in 2007. Every region in the UK, apart from Wales, saw a year-on-year increase in the number of homes being registered with the NHBC.
I’ve talked about new build in another recent article but I make no bones about harking on about the potential attached to this sector for the intermediary market. In the past this is an area which has not always delivered as it should, but times are changing. The support needed by all kinds of borrowers in purchasing a property is more evident than ever and none more so than when it comes to new build.
Like any evolving sector it requires innovative, flexible products alongside some sensible criteria for it to reach a wider audience. Thankfully, new build specific products are slowly emerging to help recognise the fact that not every customer will truly benefit from the full term of a fixed rate mortgage.
2014 will also see lenders looking to further strengthen their relationships with developers and housebuilders in an effort to help make affordable housing available to more potential borrowers.
Make no mistake, there is increased appetite amongst many lenders, Barclays included, to boost new build offerings and support services to help meet the growing demand. So be aware that, come rain or shine, new build is certainly a sector to watch in the coming months and over the course of the year.
David Finlay is intermediary managing director for Barclays
