The property sector is a vital part of the economy, with both domestic and international developers finding the UK an attractive place to invest.
However, the start of 2020 has bought challenges to everyone across the sector. The Coronavirus crisis stalled many transactions, closed construction sites and saw many landlords facing cash flow problems as a result of the non-payment of first quarter rents.
As our year has unfolded some green shoots have emerged - the residential market leapt out of the starting blocks due to pent-up demand, further fuelled by a Stamp Duty Land Tax (SDLT) holiday and construction sites have reopened with many businesses embracing a few more ’modern methods of construction’ in response to the more restrictive working environment.
More than ever before, participants in the industry need to focus on commercial decision making, managing their costs, raising funds efficiently and mitigating the inherent financial risks in their activities.
Surviving and thriving
We are working with our clients to help them manage the immediate cash-flow issues, access the various Government support schemes, and avoid some of the tax pitfalls that have arisen as a result of the conditions we are working in so that they can not only survive the current crisis, but also emerge in a position to succeed in 2021.
When the Covid-19 restrictions cease, promised investment in infrastructure, large-scale development projects and the demand for housing in the UK mean that there will be clear opportunities available. And unlike the last recession, raising finance for the right project is not expected to be an issue.
However, managing costs, structuring deals appropriately and managing all risks will be key to the success of a project, and these are all ways that our team can help you.