UK construction and property
- PMI | November’s reading fell to 50.4, showing marginal growth, but business optimism in the construction sector has fallen to its lowest point in two-and-a-half years. Commercial work was the only sector to register an increase in growth. However, the survey also showed that cost inflation fell to a 22-month low.
- Construction output | Total output grew for the fourth consecutive month, making it 5% greater than pre-pandemic levels. However, new work output only just managed to surpass the pre-pandemic level by 0.25%.
- Housebuilding | Berkeley has slowed its development rate in response to a cooling market and new levies on the industry, such as a 6% increase in corporation tax and a new 4% building safety levy.
- MMC | The National Fire Chief’s Council set out its concerns over modular construction in a position paper. It holds “particular concerns” over volumetric modular buildings and the use of engineered mass timber products, such as cross-laminated timber and glue-laminate timber.
- Cladding repairs | The Department for Levelling Up, Housing and Communities has dedicated more than £8m to hold building owners to account for cladding repairs. Local council enforcement units can use the funding to pursue owners who are “dragging their heels”.
- Student accommodation | Core demand is outstripping supply in 30 of the largest UK locations outside of London, according to data from StuRents.
- Workforce | Applicants for UK construction jobs have fallen by half this year. The latest report from the Association of Professional Staffing Companies suggests that the current cost of living crisis is encouraging workers to stay put, rather than look for another job.
