As supply in the UK property market fails to satisfy the demand, homeowners are looking to make better use of their existing properties by means of home improvements.
Since April 2013, over £1.2 billion worth of short-term loans were secured for property development, refurbishments and conversions, more than double that of the previous year.
The growth in the value of short-term loans has equated to roughly 2,800 separate projects being undertaken in the previous year. As the construction industry continues to recover from the economic crisis, it is becoming more and more common for property developers to take advantage of the properties they already have.
Duncan Kreegar, Director at West One Loans, commented that: ‘Property is in seriously short supply in the UK. Solving the gridlock will take serious imagination and better use of existing property’.
In line with the growing demand for home improvement loans comes growing demand for private contractors. Unlike the more difficult times of the financial crisis where contractors were primarily demanded for maintenance-orientated work, today, people are launching bigger, more ambitious projects.
Making good links with property managers will be key for contractors looking for work in the coming months. Property managers will be looking to establish reliable networks of contractors and Arthur Property Management Software is an excellent networking resource for contractors and tradesmen.