Spicerhaart PX comments on ONS Construction Output and new housing figures

11 September 2024

Following the release of the latest ONS construction output figures, which shows a 0.4% drop in output in July, we have a comment from Spicerhaart Part Exchange & Group Clients.

Spicerhaart Part Exchange & Group Clients acts for builders and developers across the UK and is part of Spicerhaart, the UK’s largest independent estate agency and property services group.

Neil Knight, divisional director of Spicerhaart Part Exchange & Group Clients, said: “While a decline in output in July is disappointing, output across the last three months paints a more positive picture of growth. It just demonstrates the volatility that remains in construction and the challenges faced a number of its key sectors. This can be seen in the 0.2% drop in all new work.

“While not seeing growth in July, it is positive to see total new housing remain unchanged, especially as five industry sectors – including private commercial work – posted drops in output. Of course, these figures don’t yet reflect the first cut to the bank base rate, which only helps to relieve some of the borrowing pressures facing both house buyers and construction clients.

“We are hearing anecdotally from developers and from across our 200 estate agency branches that this is already helping to generate enquiries and encourage buyers to explore getting back into the market. Developers are continuing to respond and explore opportunities and incentives to not only encourage interest, but to make this process as simple as possible. Both part exchange and assisted move remain key parts of their offering, working with expert partners in this space to achieve value and deliver the best possible service.”