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The Construction Centre Comments on the UK Housing and Construction Markets - Reports released by the CIOB (Chartered Institute of Building) and RICS (Royal Institute of Chartered Surveyors) this week have compounded the belief that the credit crunch has affected the UK housing market but also the construction industry
The Construction Centre Comments on the UK Housing and Construction Markets

 

NewswireToday - /newswire/ - Kenilworth, Warwickshire, United Kingdom, 2008/05/14 - Reports released by the CIOB (Chartered Institute of Building) and RICS (Royal Institute of Chartered Surveyors) this week have compounded the belief that the credit crunch has affected the UK housing market but also the construction industry.

   
 
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The Construction Centre today released a statement highlighting the need for an objective approach to the situation. In the first instance The Construction Centre drew particular attention to national concern regarding the housing market which has been affected by the credit crunch and reduction in available mortgage funds. RICS latest survey revealed there had been a downturn in house prices and the number of surveys being completed had also dropped supporting the view that the market is struggling. The Construction Centre said that despite these figures and widespread press coverage that demand is dwindling, the fact remains that the UK has been suffering from a massive shortage in housing and that the Government has committed to 20 million new homes by 2020.

The Construction Centre said that although the housing market was seeing a downturn in pricing this would not necessarily negatively affect the overall situation. In order to bolster sales and purchases prices need to become more affordable to reenergise the market.

Secondly The Construction Centre referred to the latest CIOB survey which has highlighted the skills shortage in the construction industry. With large infrastructure projects such as the 2012 Olympics both labour and professional skills are at a premium. The CIOB also reported that despite the credit crunch over 40 per cent of people responding to their latest survey believed that construction projects would increase during 2008. This in turn The Construction Centre stated could prove to have far more serious consequences to the housing market than the credit crunch. With the government committing to more housing, the skills shortage could create a situation which might not be solved as simply as the re-establishment of confidence in the lending markets.

Furthermore The Construction Centre also highlighted that although the gap in the current skills shortage situation is being somewhat relieved by migrant workers, it has been reported that since 2004 over half of all workers have already returned back to their homeland due to improved economies abroad.

The combined effect of all of these factors The Construction Centre said could create a black hole in the construction market. However it said that if proactive actions are taken by both the government and those in the industry to alleviate some of the practical issues the situation might be avoided. The Construction Centre highlighted that training and the promotion of construction jobs should a central part of the solution.

Richard Simmons, Managing Director at The Construction Centre said “I am worried that the media has unashamedly over emphasised the state of the economy and continues to place fear into the hearts of all householders which will not only compound the issue but serve to make it a self fulfilling prophecy. There are many housing projects in construction all over the country and this is still not going to satisfy the demand between now and 2020. The underlying demand for housing is not in question, in time the lending market should stabilize and then the issue of the skills shortage will become glaringly obvious. Taking a proactive approach to the skills issue within the construction sector is an essential part of ensuring the economy revives and secures a healthy housing market for the future.”

The Construction Centre concluded by saying that the housing and construction markets are inextricably linked and therefore should not be viewed as separate issues and stated the forces which pull the economy negatively or positively must be seen as part of the whole picture.

The Construction Centre: Number 1 for delivering results on products and people
Targeted at consumers and the building industry, The Construction Centre has the largest online directory containing over 10,000 UK product manufacturers and suppliers with over 97,000 product search terms. Additionally there are over 50,000 contact details for merchants, industry professionals, tradesmen and contractors. Local Authority planning websites, trade publications and jobs can also be directly accessed from The Construction Centre.

Based in Warwickshire The Construction Centre is part of the UK250 Ltd group.

 
 
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The Construction Centre Comments on the UK Housing and Construction Markets

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Publisher Contact: Angela Gallacher - TheRenewableEnergyCentre.co.uk 
+44(0)19 2686 5835 angela.gallacher[.]therenewableenergycentre.co.uk
 
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