New Office of National Statistics (ONS) data shows that the building sector in the UK experienced its fifth successive month of growth during March, partly due to the storms that hit the country.
According to the ONS, there was a 1.7% rise in the volume of building output across March, with the overall figure for the month being £14,994 million. It represents the highest total for a single month in the 12 years since this data began to be collected by the ONS. The growth for the month was down to a mix of repairs to existing homes (3%) because of the storms and the construction of new ones (1%).
It was the private sector that largely drove the March industry growth, with new building for commercial purposes accounting for 4% of it while maintenance and repairs to private homes made up 5.8% of the total figure.
Overall building levels for March rose by 3.7% in comparison to February of 2020, which was the last month before the pandemic and lockdowns became a factor. However, work on the building of new homes was still 1.6% below the figure for that month, which amounts to £148 million less.
Speaking to Mortgage Strategy, the Managing Director of property surveyor and consultant Naismiths, Gareth Belsham, said:
“After building up a huge head of steam last year, momentum is still strong – and the construction industry expanded by an impressive 3.8% in the first quarter of 2022.”
All mortgage advisors with CeMAP training will know that more house building is something that is urgently needed.