Construction Industry Shows a Rise in Activity
Official figures for December show that the construction industry reported an increase in activity levels. Output across the industry rose by around 2% for the final month of 2013.
Data from the Office for National Statistics shows that output levels were up across the industry. This was helped by an increase in house pries and the availability of more affordable loans, which had the effect of increasing the number of sites being started.
House building is a major driving force for the overall construction sector. As this area of the industry starts to show a rise in activity, the construction market as a whole will perform better. This in turn has an impact on the country?s economy.
2013 was a good year generally for the construction industry, following a fairly subdued start. Output was down at the beginning of the year, with a drop of 1% recorded for the first quarter of the year. However, since then the industry went on to rise in the next three quarters, to finish the year on a high note.
As well as a rise generally in the construction sector, the number of new homes being built last year also saw an increase. New-home activity rose by 4.9% in 2013, making it the most active area of the industry. Construction of new homes is now at its highest level for six years. However, despite this surge in activity, the number of properties being completed is still not keeping up with demand. This has led to an increase in prices, as more buyers compete for fewer homes.
Homes that can offer something extra are likely to attract more interest and therefore command a higher selling price. Additional features such as a modern and technologically advanced kitchen or wrought iron balconies will provide that feature that could impress buyers when they come to look round a property.
A More Active Market
It isn?t just the new-homes sector that has seen a rise in activity. Evidence from the property market overall has shown an increase in activity. The property site Rightmove saw asking prices and the number of sellers rise across last year and into the start of 2014. There was also more interest from buyers, with the number of inquiries about properties on the site rising.
Whether you?re more interested in wrought iron balconies or a luxury bathroom, the property market is now starting to show further signs of recovery, which is good news for both buyers and sellers.