0 minutes Less than a minute read
British surveyors are worried that the construction industry will not achieve the government’s targets for new housing.
The Royal Institution of Chartered Surveyors (Rics) construction survey has revealed that growth in construction workloads fell, alongside a drop in new enquiries for new housing.
Senior economist, David Stubbs, said that the current financial instability might lead the industry into an uncertain period: "A slowing housing and commercial property market, following the credit crunch and the Northern Rock turmoil have started to hit the construction sector."
Surveyors expect to achieve below average profit returns and "it is worth noting that new housing starts have already begun to stagnate in recent quarters," he added.
The survey did contain some good news – it found that skills shortages remain low and builders in Scotland have experienced eight quarters of rapid growth.
Looking for office space in London? Click here to find out more