Construction and Covid
Construction tends to be an excellent barometer for the economy, on the basis that developers always have to look at least 6 months to a year (and often more) ahead to determine the state of the economy when builds complete.
Covid, of course, changed that. No-one predicted it.
Construction has been hit hard but it is recovering and it is moving forward again. The Government, local authorities and industry bodies such as Build UK and the Federation of Master Builders are providing important support and will get the construction industry through this. We have found that many of our clients have needed extra help at this difficult time, which we are only too happy to provide.
As we look to the future of construction in the UK, plans are being developed to not only help push for more construction projects, but furthermore to increase the amount of council, social and other affordable types of housing – something that Sadiq Khan himself claims are “so desperately” needed throughout London, for example, which is echoed across the country.
The report recently published by the COVID-19 Housing Delivery Taskforce states:
“London went into lockdown with a strong record on building social and genuinely affordable homes. Last year, more than 17,000 new genuinely affordable homes were started with support from the Mayor of London, more than at any time since records began in 2003, and more than 3,300 new council homes, the most in any year since 1985. We cannot be complacent. It is vital that we maintain this momentum, and work in partnership with all involved so that we can continue to tackle the underlying socioeconomic problems exposed by the pandemic. The housing market we had before did not work for most Londoners, and Covid-19 presents an opportunity to rebuild a model which works better for all. To coordinate our efforts in London, I brought together representatives from the capital’s councils, housing associations, the development and construction industries, and unions, to form a Covid-19 Housing Delivery Taskforce.”
London, though of course the largest single construction site in the UK (be honest, there are always more cranes than landmarks dominating the skyline) is a beacon for construction – as local associations and organisations work in partnership to deliver properties to market, so will the rest of the UK.
Construction will lead the charge as we look to recover from Covid. BLG looks forward to being part of that recovery.
If you need Latent Defects Insurance, Roofing, Cladding and Insurance Backed Guarantees – then contact us. We will be happy to help.