2024-04-22July 4, 20242024-07-04

Political Parties Pledge Support To Construction Industry

INSURANCE BUSINESS MAGAZINE has reported that following today’s UK General Election, the major parties’ have sealed their promises to deliver a massive influx of new homes annually with a variety of incentives to help meet the promised demand.

The Conservative party recognise the rabbit holes that planners have had to date and will introduce new legislation to release these bottlenecks across brownfield sites by constructing 1.6 million new homes in the next five years.

Labour have promised to build 1.5 million homes in low-quality green belt and brownfield areas over the next 4 years.

The Liberal Democrats have pledged to deliver 380,000 new homes, by tackling planning, funding and supporting skills, training and technology.

Commenting on the exciting promises, Compariqo’s Managing Director, Mark Griffin said, “The construction sector has been on a rocky road over the last few years. To get these buildings across the finish line, 18% of UK insolvencies were propped up by the construction industry with 4,276 reported in England and Wales alone.

“Supplies and their associated costs increased payment defaults in the construction sector to a staggering 32%. Building materials in the construction sector have subsequently increased over this period of time adding to the pressures facing the industry and pressure mounted by these insolvencies to key trade building material suppliers.”

Higher interest rates and the cost-of-living crisis also lingered and played havoc on the construction sector. Compariqo are looking forward to whoever is voted into power in today’s (4th July 2024) general election to bring much needed infrastructure and future opportunities for homebuilders, developers and property entrepreneurs.

With these new goals and plans in place, Compariqo are looking ahead and hoping to see a more stable environment and growth sector for the construction industry and are available to discuss any aspect of construction insurance to protect developers and those who work in the Construction Industry in this much needed time.

Mark finished up by saying, “Compariqo has and always will be at the forefront of Construction Insurance and are looking forward to supporting past, current and new clients with their increasing projects following today’s election.”

Need cover on a project?

As an independent broking business specialising in Latent Defect Insurance, Compariqo is focused on arranging structural warranty and insurance cover for residential developments for our customers. As well as a suite of complementary insurance products including a structural defect insurance suite, SDI, LDI and PCC. Compariqo strive to meet the demands of developers, SME builders and property entrepreneurs. We can also source a wide range of finance solutions through our relationship with one of the UK’s top business finance specialists and their extensive panel of lenders, meaning we can cover all of your construction insurance and property finance needs.

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