As the construction industry booms, we are here to support

The Royal Institution of Chartered Surveyors (RICS) recently reported that the UK’s construction sector is witnessing the biggest increase in its workload in five years. Led by a strong demand for housing and the resumption of other projects as the coronavirus pandemic eases, things are looking good for the industry.

In its quarterly survey, RICS also said that its members expected profit margins in the sector to increase for the first time since 2019 and for recruitment and volumes of work to rise over the coming months. “The indications are that the industry has adjusted relatively well to COVID-related work practices, with most respondents to the survey suggesting only a small hit to productivity,” RICS Chief Economist Simon Rubinsohn said.

The UK’s property market has performed much more strongly than the wider economy during the past year, led in part by the Stamp Duty Land Tax holiday and a jump in demand for larger homes outside city centres which are more suited to home-working.

The government is fully behind supporting the industry too. They want to help businesses in the construction industry to benefit from this opportunity for growth, with the recent announcement of a 130% capital allowance deduction for qualifying spend on plant, machinery or commercial vehicles. The scheme provides 25p off company tax bills for every £1 spent. And, providing that payments are being made to acquire an asset, using finance plans to acquire the machinery or commercial vehicles, still means you qualify for the super deduction. So, right now, it really is the best time to invest in new machinery, upgrade your current equipment or purchase new vehicles.

At Birmingham Bank, we have a proud history of supporting a large number of national and Midlands based construction businesses with finance solutions. From equipment loans and vehicle finance, to working capital loans, we’re focused on helping our clients get the best from their lending and helping them grow.

Birmingham Bank is different to many other lending institutions. Rather than rely on the computer to make lending decisions, we take a personal, common-sense approach to lending and underwriting. Our decision-making process reflects the experience and knowledge of our team, rather than artificial system parameters.

If you need to finance new vehicles for your business, a simple phone call to one of our team can provide you with highly competitive vehicle discounts and finance options. And if you need some working capital to boost your cashflow, we can also help with that.

Like everything we do, we aim to make the whole process as easy as possible. So, if you’d like to find out how we can help you, then please get in touch. We very much look forward to speaking to you.

Call us on 03330 048 048 or email: info@birminghambank.com for more information.

Published: 05 May 2021

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