UK construction and property
- Payment terms | According to the National Federation of Roofing Contractors (NFRC), less than a third of invoices are paid within the 30-day terms and there has been no improvement under the requirement to publish payment practices. The NFRC stated that high labour costs were also affecting the sector.
- PMI | The S&P Global UK Construction Purchasing Managers’ Index remained in negative territory (49.7) but showed an improvement on last month’s reading and the rate of new business growth was the fastest since May 2023. Business optimism improved to its highest level since January 2022. Yet the rate of job shedding increased to the fastest since November 2020.
- Housing shortage | Thinktank Radix Big Tent has encouraged Dame Kate Barker – who led an inquiry into housing undersupply for the Labour government 20 years ago – to lead a new commission into England’s housing shortage. It will focus on four themes: freeing up more land for development; the role of specialist housing; approaches to sustainability; and ensuring affordability.
- House prices | Halifax’s latest survey shows the average UK house price rose by 0.4% in February, the fifth consecutive monthly increase.
- Land registry fees | HM Land Registry is launching a consultation on its current fee levels and charging structure, stating that its current approach can seem too complex.
- Roads | The A66 Northern Trans-Pennine dualling has finally received planning consent. The project was recommended in 2016 and listed as a “Project Speed pathfinder” project, had public consultations in 2019 and 2021 and was expected to receive the green light in November but was delayed allowing for more impact assessments.
- Trams | After the Prime Minister floated the idea that £2.5bn funding for a tram line could be made available from the unspent HS2 funds, West Yorkshire Mayor Tracy Brabin has announced a tram system between Leeds and Bradford.
- Housing association cash | The Regulator of Social Housing has warned that England’s largest providers’ cashflows are “insufficient to fund net interest payments.” Inflationary cost pressures and the need to update stock have caused cash to reduce from £5.8bn before the pandemic to £4.2bn.
- Retrofit first | Westminster City Council announced plans to adopt a ‘retrofit-first’ approach to help it reach net zero by 2040. Developers must explore retrofit options before demolishing and will face carbon off-setting payments up to nine times higher than current levels.
