Construction output dropped slightly in January

Output from the construction industry fell 0.2% in January according to the office for National Statistics.

Private new housing work rose by 0.6% and private commercial 4.7%, however construction on public housing fell by 10.6% from December 2015.

Andrew Bridges, Managing Director of Stirling Ackroyd said: “Small movements in the wrong direction won’t help escape the construction quick sand.

“Even in London, the capital of the financial world, the clearing systems for the property market are struggling to match supply and demand. Construction is the capital’s future – and that future is still looking a long way off. London has begun 2016 with a 22% housing deficit – with just 32,900 new homes granted approval. The next mayor will need to face up to this scary statistic – and get building. Housing is dominating the agenda but soundbites don’t equal scaffolding.

“Doubling or tripling the rate of new homes built each year should be number one priority for whoever becomes our new London mayor. They owe it to the whole country, to make sure London continues to lead the UK as a country that can compete in the arena of world cities and world economies. Developers want to build – London is a paradise of potential. But ambitions are being ambushed by rigid planning departments and a lack of infrastructure vision in City Hall.”

Today's Conveyancer