Good news!! Private housing to grow 18% in 2014 Private housing starts are set to increase by 18% this year to 134,170 units, according to the Construction Products Association’s Summer Forecasts released today (August 4 2014). CPA said that over the next two years the construction industry as a whole was forecast to grow approximately 10% and contribute almost £11 billion to the UK economy. The private housing sector is expected to grow 10% in 2015 followed by 5% growth every year to 2018. Noble Francis, CPA’s economics director, explained the slowing growth anticipated towards the end of the decade: “The pending general election will cast the future of housing policies into doubt. Such uncertainty, together with questions about affordability and higher mortgage repayment costs, will likely subdue private housing growth to 5% per year from 2016.” But in the short term, Francis said, private housing would help to lead construction activity, with the private sector currently benefitting from improving economics and government measures. Private starts grew 21% in 2013, although private housebuilding still remained at historic lows, CPA said. - The Markit/CIPS construction monthly survey showed that July saw the “steepest rise” in residential building activity since November 2003.
Posted on: Mon, 04 Aug 2014 17:40:58 +0000
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