In this article, Andrew Dyson, CEO Of Build Warranty Group, explores the current and future climate of structural warranty in the UK
It has been a turbulent period since the end of the lockdown period; however, the UK construction industry recorded better-than-expected growth in the third quarter of 2022, expanding by 0.6% every quarter in real terms.
However, this growth pace has slowed from 1.1% in the previous quarter to 2.9% in Q1, amid weakening economic conditions, rising inflation levels, and tighter monetary policy measures.
Increased costs and inflation is having a direct impact on the construction industry
The housing shortage is keeping the market buoyant, however, due to increased costs of labour and materials, as well as supply chain disruption, which directly impacts the construction industry.
With increased volatility in the building insurance market, it has made it difficult for developers to find a reasonable rate for latent defect insurance cover, and are looking at using professional consultants’ certificates as the alternative, UK Finance and Lender approved indemnity scheme.
It is important for developers to carefully consider all their options and choose the 10-year structural warranty provider that best meets their needs to protect their investment and move forward with their projects.
Providing outstanding service and innovative solutions
As an established structural warranty provider, Build Warranty offers both indemnity schemes, giving clients a choice depending on their needs and lender criteria. With unrivalled customer support and efficient service, Build Warranty provides competitive pricing to ensure it stays at the forefront of its sector by always guaranteeing value to its customers.
We are committed to providing outstanding service and innovative solutions that challenge industry norms, always putting our customers’ needs first. We take pride in our work and feel a strong sense of purpose in shaping the future of our industry together with our valued clients.
Digital transformation and automation is vital to overcome current issues
I am excited about the future of technological advancement and the growth of the homebuilding and sustainability industry. We see prefabricated buildings, improved risk management, new technological advancements in prefabrication, and growing awareness among property buyers and developers as primary factors in this development.
We believe digital transformation and automation will be vital in overcoming current difficulties while ensuring future prosperity.
At Build Warranty, we strive to provide our clients with the clear and most concise information possible so they can make the best-informed decisions for their needs. We want to give our clients the peace of mind that comes with knowing they have been professionally advised.
For further advice or to obtain a quote, call Build Warranty’s experts on 0800 5200155 or complete a simple online form.
Further information is also available at www.buildwarranty.co.uk
