LABC Warranty enjoys strongest ever performance
LABC Warranty has recorded its best ever quarterly figures as the new-home market continues to perform strongly in 2021.
The structural warranty provider registered more new homes in Q2 than any other quarter since the organisation was founded in 2007. Insurance premiums also climbed 30% on Q1 and were 76% up on Q2 in 2020.
The busy start to 2021 has continued to accelerate, with a number of key major project wins complementing strong interest from regional developers both in and around all the major cities.
Founded in 2007, LABC Warranty works in partnership with Local Authority Building Control (LABC) to provide 10- and 12-year structural warranties, backed by A-rated insurers, to developers, builders and housing providers across England and Wales.
LABC Warranty’s performance mirrors that of the structural insurance market as a whole, with house-building activity remaining robust despite pressures including materials pricing and shortages.
Managing Director of LABC Warranty Jacki Goodman said: “While no-one is suggesting we’re back to normal just yet, it appears from the figures we’re seeing that house-building is emerging strongly from the pandemic.
“The end of the stamp duty holiday does not appear to have dampened enthusiasm on the supply side.
“Looking ahead the pipeline looks good, but that doesn’t mean we can relax. We will continue to innovate with our digital tools for customers, launch new products such as our Build to Rent-focussed Private Rental Select policy, and continue providing great customer service.”
Like many organisations, LABC Warranty is implementing a hybrid home-working/return-to-office policy as pandemic restrictions are eased. Site inspection services have been operating normally for some time.