Feature


Business Banking & Finance


and I think the whole market is once again invigorated after some months of gradual restoration.


Rising demand There is a combination of factors creating a very promising marketplace at the moment. The stamp duty freeze is driving an increase in mortgage applications, and while that’s a temporary measure, I think the projected falls in house prices next year will see the demand for new homes continue to rise well into 2021. I have spoken with a number of


lenders recently who had paused all lending or limited their criteria for short period but are now open for business again and looking to support businesses. We are also seeing larger scale development schemes get under way that are set to complete over for the next 18-24 months. By the time those projects are fully completed, I believe any coming dip in the housing market will have levelled out, and the economy as a whole will be much stronger than it is right now, so any stumble we see next year will be followed by an even greater long- term recovery.


The right tools for the job Other factors helping organisations to get back on their feet and accelerate their plans are the use of Government Backed Loan schemes that have been made available to combat the effects of the virus to support SMEs. Again, I know there’s a lot of


mixed opinions out there regarding those facilities and while there may have been some initial teething problems with their rollout and


46 CHAMBERLINK November 2020


delivery, I know that many organisations I’ve been talking to have successfully harnessed them. These vital lifelines have put


businesses that might otherwise have completely folded in an improved position to make moves in the remainder of 2020. I would never deny that some of


us have faced and are facing tough times and highly challenging circumstances this year, but I’m feeling good about the world of commercial finance right now and I am confident that all of us in the sector can harness the opportunities presented by the current moment and continue out of the gloom into a bright and prosperous tomorrow.


‘These vital lifelines have put businesses that might otherwise have completely folded in an improved position to make moves in the remainder of 2020’


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