Good news for businesses that are looking for construction tenders.
The Autumn Budget revealed that England is on track to build 300,000 new homes a year. Spend will also be allocated to the Home Builders Fund to get SME housebuilders building again.
UK Housing Progress
12 years ago, studies led by the Government concluded that 250,000 new homes needed to be built every year in the UK. This plan would satisfy the growing market demand for home ownership, and keep decent housing in an affordable price range for the average working family.
The UK has come a long way since this plan, however. In his recent Autumn Budget, Chancellor of the Exchequer Philip Hammond promised that he would continue to fix the housing market with investment, planning reform and tax cuts for first-time buyers.
Autumn Budget 2017: Key policy points and highlights
Chancellor of the Exchequer Philip Hammond has delivered his second Budget. Here we have revealed the key announcements made. For more on how todayтАЩs Budget will affect your finances, read TelegraphтАЩs personal finance editor Richard Evans explain all here.
Construction Tenders
If your business works within the construction and infrastructure sector, then it is worth your while to work with both the public and the private sector.
Did you know that the construction industry has an output of more than ┬г110 billion a year? This figure represents 7% of GDP. It is estimated that a quarter of this spend is in the public sector, with three quarters in the private sector.
Autumn Budget Announcement
Here are some of the opportunities for construction tenders that were announced during the Autumn Budget on 22 November:
- As we have mentioned, the Chancellor of the Exchequer announced that England is on track to reach 300,000 new homes a year.
- An investment will be made into the Home Builders Fund to get SME housebuilders back at work. ┬г1.5bn will be made available to help smaller firms build more houses.
- The Government committed a total of at least ┬г44bn in capital funding, loans and guarantees to support the housing market. This will be spent over the next five years.
- The Housing Infrastructure Fund is to increase to ┬г2.7bn.
- The Government committed to build up to one million homes in the Oxford-Cambridge-West Mids Corridor.
All these points are perfect examples of how the UK Government will work with the private sector in boosting construction tenders over the coming year. The goods, works and services that public sector providers require for these houses to be built or refurbished will be purchased through the procurement process.
How Does This Process Work?
In most cases the public sector will post construction tenders and the private sector will bid for them; moreover, subcontracting opportunities within the private sector supply chain often arise, and again SMEs can bid for these jobs too.
The procurement process тАУ the act of obtaining or buying goods and services тАУ is incredibly important as government purchasing organisations are required to find quality construction services at the right price to deliver best value for taxpayersтАЩ money.
How Can Tracker Help?
Many businesses struggle to find construction tenders that are relevant to them. The easy part is knowing that there is a vast number of opportunities out there; the hard part is knowing where to find them.
Tracker can help you to pinpoint the opportunities that are the most valuable to your business. As soon as you sign up to one of our services, we will notify you of relevant opportunities as soon as they become available.
Having access to the right intelligence is the first step to success with construction tenders. Request a demo today and learn how you can start tendering more effectively.
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