UK building work slumps again in April

UK building work slumps again in April


Commercial building activity in Britain shrank for a sixth straight month in April and was expected to fall further in the next three months, data showed on Tuesday.


Property services firm Savills said its Total Commercial Development Activity Index showed a net balance of minus 20.8 per cent last month – the lowest level recorded in the monthly survey’s five-year history and evidence that the country’s property downturn has further to run.


Almost a third of commercial developers and building contractors reported a fall in overall activity in April, compared with 12 per cent who signalled a rise. The data also showed respondents were more pessimistic than at any point since the data series began in 2003 about the three-month outlook for development work on offices, retail or leisure properties, and industrial and warehouse projects. – Reuters


Source: Business Times


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