01-04-2008
Housing market contraction hits construction sector
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The UK's construction sector has been affected by the decline in the housing market, it has been claimed.
New data released by the Royal Institution of Chartered Surveyors (Rics) has found that, for the first quarter of 2008, the number of surveyors reporting a workload increase grew by one per cent, compared with the 16 per cent reported for the final quarter of last year..
This decline may affect tradesmen such as builders, plumbers and electricians.
"Private residential workloads are now shrinking as home builders react to challenging conditions in the housing market by reducing the number of new homes under construction," said David Stubbs, senior economist for Rics, an organisation with a history going back to 1868.
Moreover, according to the organisation, the effects of the decline are being worst felt in the north of England, particularly in respect to the construction of residential properties.
The organisation believes growth levels to be at their weakest since 1996.
