UK construction and property
- Super prime property | According to Knight Frank, sales of super prime properties in London have reached a post-Brexit vote high. Between March 2022 and March 2023, 161 super prime properties totalling £3.1bn were sold.
- Leaseholding system | Plans to abolish the leasehold system for residential properties have been abandoned. Instead, the government will press on with a raft of reforms after warnings that they were running out of time to legislate the move away from leaseholds before the next election.
- Output | Total output increased marginally by 0.2% as an increase of 0.7% for new work countered a 0.6% fall in repair and maintenance. Four of nine sectors saw an increase in the month. New orders in Q1 2023 fell 12.4%, with private commercial and private new housing leading the fall at -22.3% and -18.4% respectively.
- Prefab | Legal & General has closed its house-building factory, citing long planning delays in the UK and recent major macro events which have stopped the business from securing the necessary pipeline of work.
- Purplebricks | Even if the online estate agent finds a buyer, it is expected that investors will lose out as its market capitalisation has fallen from £1.5bn in 2017 to £6.3m.
- Specialists | A league table compiled for the Building Engineering Services Association (BESA) shows that the top 30 MEP contractors saw a 7% increase in revenue with collective turnover increasing to £4.706bn, more than the £4.451bn pre-Covid level, although some of it is due to high levels of inflation.