Search Acumen comments on ONS Construction Output
Andy Sommerville, Director at Search Acumen, comments on the ONS Construction Output indicating that Brexit trepidation is stalling construction projects.
“The UK commercial real estate sector was a rare bright spot in the last quarter of 2018, with new commercial work helping bring up otherwise poor construction figures. Property developers have spent the year worrying about just how bad the fallout from Brexit could be for the sector, which has meant the default ‘wait and see’ approach has stalled projects.
“Even with a strong Help to Buy scheme continuing to prop up new residential developments, 2019 remains uncertain for the industry. Anaemic growth figures point to trepidation to invest while we don’t know how leaving the EU, with or without a deal, will affect the sector.
“We’re not expecting this to ease any time soon – or at least, we’re not expecting this to ease any time close to Brexit. But we are hopeful that once we know our fate, it won’t take too long to get back to work and to get construction back up to speed.”
Kindly shared by Search Acumen