UK construction work hits record high

May 20, 2023 by Heidi

Property Market

New data shows that the amount of construction work in the UK rose 0.2% during March, which was enough to take this industry to its highest level in over a decade.

This data comes via the Office for National Statistics (ONS) and it indicates that the UK construction industry set a new record in that month. There was a rise of 0.7% in new build work, which helped to balance out drops in both maintenance and repair work throughout March, with both of those falling by 0.6%.

The smaller rise during March follows on from a much bigger 2.6% increase in construction output for the month before. It is these two elements together that have enabled the sector to break its previous record. The ONS is pointing out that it is the sharpest rise that the sector has seen since the data started to be recorded 13 years ago.

Fraser Johns from Beard Construction told Mortgage Strategy that the opening month of this year had been one of low confidence within the sector, with maintenance and repairs dominating over new builds.

He then went on to add:

“However, the March data shows the tide beginning to turn with an increase in new work offsetting a fall in repair and maintenance, and another increase in monthly construction output.”

He concluded by saying that prospects for the industry were looking brighter.

Anyone who has a CeMAP mortgage advisor qualification will know that more homes are needed to meet demand, so this will be encouraging.