Mixed outlook for new construction orders
Property professionals
16th June 2009
Orders for new construction fell by 8.7 per cent over the three months to April this year compared with the previous quarter, official figures show.
However, data published by the Office for National Statistics (ONS) revealed that orders rose for the second consecutive month between March and April, from £2.3 billion to £2.7 billion.
The outlook for the sector was mixed though, as infrastructure orders were down over the month and orders in April were 29 per cent lower than the same period of 2008.
Commenting on the ONS data, the Royal Institution of Chartered Surveyors said that it provided "further tentative evidence" that the UK has witnessed the worst of the economic downturn.
"The improving picture is consistent with reports from housebuilders that they have seen inventory levels being rundown of late," the organisation added.
Total orders have risen 26 per cent on a February low of £2.1 billion, while orders in the private housing sector have increased by 57 per cent in the last couple of months.
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