The majority of property developers continue to struggle to access funding for developments with many saying this is the hardest part of their job, according to Shawbrook.

Research from the finance firm has found 77% of developers highlight sourcing funding as the most complicated aspect of their business.

Of this cohort, 75% identify limited funding options for developers as the main challenge.

These barriers often see developers refused finance with over a quarter (26%) of respondents revealing they had been rejected by a mainstream lender multiple times.

This is hardest for those just starting out and establishing themselves, with 80% of respondents saying this was most difficult in the beginning stages of their businesses.

Those who are smaller than other developers also struggle to access finance, with 74% of respondents identifying with this.

“These numbers show a clear funding gap, but the reality is that there is funding liquidity in the market, and working with a specialist lender can help with structuring developers’ funding needs to surface that liquidity,” said Terry Woodley, head of development finance at Shawbrook.

“If the gap is not addressed, promises to boost housing numbers will be very difficult to achieve.”

Many developers are turning towards specialist finance sources over mainstream lenders as a result of these challenges.

Over three quarters (77%) of developers said specialist lenders had offered better support.