A positive step for house builders and home buyers

United Trust Bank responds to the Government relaxing Covid-19 rules surrounding house moves and the news that some surveyors are preparing to recommence in-person valuations and inspections.

Noel Meredith, Executive Director of United Trust Bank, commented:

“The Government’s relaxation of rules surrounding home moving activity and surveyors recommencing in-person valuations is welcome news and a positive step for house builders and home buyers. The lockdown effectively put the housing market into a state of suspended animation and although construction work has continued on many sites, sales activity has not. House builders, big and small, will be keen to progress their existing sales and attract new buyers and this small relaxation of restrictions by the Government should increase public confidence to go out and find a new home if sensible social distancing and safety measures are observed.

“The near two month interruption to many construction projects will put some house builders’ and developers’ cash flow under additional pressure and throughout the Covid-19 crisis we have been working closely with our customers to ensure that we support them through any such challenges.

“UTB have developed and adopted innovative ways to ensure we can continue to support both existing and new clients during this period and are pleased to have approved and completed on proposals to fund new developments brought to us during the lockdown.

“We have also been happy to offer several new customers new sales period funding facilities giving them additional breathing space to achieve and complete sales or avoid exceeding their repayment terms with previous lenders.

“Although uncertainty remains over the longer term impacts of the pandemic on the UK economy and residential housing market, we remain steadfast in our support of SME housebuilders knowing that despite Covid-19, the UK must continue to tackle its growing housing shortage for many years to come. UTB will be standing side by side with SME house builders as we face this and any other challenge placed in our way.”

Published: 14 May 2020