According to Nationwide, UK house prices are showing the strongest rate of annual price growth since August 2010. They increased by 0.8% in July and were 3.9% higher than July 2012. This translates to the typical UK home now being worth £170,825.
And, as new build demand reaches its highest level since 2008, the sector is investing more in skills and training. A new Home Building Skills report has found that 50% of all home builders and 80% of housing associations are taking on an apprentice in 2013, as the sector capitalises on the first signs of positive growth across the industry.
The outlook is improving and set to grow by just over 2 per cent in 2014, according to the latest published forecasts by the Construction Products Association. Forecasters predict growth is then set to continue, at a rate of 4.5 per cent in 2015, when the industry will be worth more than £100bn for the first time since 2011, then 5 per cent in 2016 and 4.7 per cent in 2017.
British construction activity jumped sharply in July to hit its highest level in over three years, led by a surge in residential building, a survey of purchasing managers showed on 2nd August. The Markit/CIPS construction PMI leapt to 57.0 last month, up from 51.0 in June and its strongest level since June 2010.
Source: Glenigan
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