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Construction slows after bumper year

Housing

This is the third month that the construction industry has reported a slowdown in growth, but despite that, it has had a bumper year, the reason for this, the best year for builders since as far back as 1997, is that UK’s booming property market has at its heart house building, which is the strongest sector in the industry.

Commercial building aside from civil engineering has seen an improvement, but it is the residential sector that has led the way with reports that UK construction firms have recorded the best calendar year since surveys into the sector began in 1997. The boom is believed to be on course for continuing throughout 2015 and insiders say that this will be the one strong area of growth in the year. There is just one item which may give some cause for concern and that is the upcoming general election, which some believe may dampen the newly found confidence in the building industry.

Whilst it may well be true that the houses that are being built are not necessarily for owner occupation but for the private rented sector, this suits many a young couple, especially those who have to work and live in cities such as central London, Manchester or Leeds, the fact that more homes are being built means that couples can at least have a home of their own.

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