As of May this year, UK house building grew at its fastest rate in over a decade. Despite the fact that construction output is still around 10% below its pre-crisis peak, growth in residential building means that the sector is heading in the right direction- good news for property managers.
This increase in residential building is a result of construction firms looking to benefit from the strong growth in UK house prices, with an average UK home costing £186,512 according to Nationwide building society in May 2014.
The short supply of UK housing means that strong growth in new builds is good news for property investors looking to expand their portfolios, and with low interest rates and government stimulus maintaining the growth in house prices, it is a very attractive time to invest.
Tim Moore, senior economist at Markit, said ‘the U.K. construction sector is enjoying its strongest overall phase of expansion since the summer of 2007, and the latest survey highlights that the construction sector is now experiencing its longest period of job creation for six years”, signifying the growing demand for new houses in the UK economy.
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