New construction output figures: property consultants comment

Commenting on the new construction output figures published by the ONS yesterday which show a decrease in new work, Clive Docwra, managing director of construction consulting and design agency McBains, said: “Given the continuing “will-we, won’t we” saga of when the UK will be leaving the EU, today’s figures buck the trend we were expecting. However, although there was moderate growth in February, the general trend is of slowing growth since mid-2018.

“Indeed, the long-term outlook is even gloomier as a weak UK economy, volatile pound and worries over the long-term impact of Brexit mean caution from investors is the watchword, as evidenced by a fall in private commercial new work. We expect that will translate into a continued, more serious, contraction for the sector over the coming months.”