12 August 2013

Recent reports published by the Construction Trade Survey have revealed that conditions have improved across all areas of the construction industry in the last quarter and housing has been the key driver in its recovery. Houses prices are ‘at a new record’ which has been undoubtedly helped by state measures such as the Governments Help to Buy Scheme according to The Telegraph newspaper. House prices rose by 0.3% in July making the average home worth £232,969 remarkably beating the previous peak in February 2008 by £1,140. Although all areas have showed signs of improvement, residential building activity was by far the strongest performing category. Growth in housing activity has been recorded now for 6 consecutive months which bodes well for the construction industry. So, this implies that this spout of recovery is not going to be short term-the housing market is emerging from hibernation.