Today’s Construction Output data reveals a very promising pipeline of new home transactions in the year ahead, says Search Acumen
Andy Sommerville, Director at Search Acumen, comments on today’s ONS Construction Output data, November 2016:
“Although the end of the year was relatively flat for the housing market, there is plenty of room for optimism as we move into 2017. It certainly seems the country’s builders and construction workers were ramping up production of new homes, with today’s data revealing that construction output in private housebuilding was up 12.5% on the year in November, and up 0.6% on the month. That means a very promising pipeline of new home transactions in the year ahead. Public sector housing did even better, up 13.7% on the year and 5.5% on the month.
“Construction activity is also a key indicator of what is happening in the economy and the level of future activity we can expect in the year ahead, and so it is revealing that we’re in a much better place than perhaps some would have thought.
“The commitment from both government and the housebuilding industry to delivering more homes this year is strong, and so even though sales and transactions in the shorter term is likely to be flat, the year as a whole could be a very good one for the property industry. However the reality of the year ahead is that there remains a great deal of uncertainty – and that is something conveyancers have to be ready for. Agile, flexible and innovative firms will be best placed adapt and thrive, come what may.”
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