PRIVATE home and commercial construction is picking up, industry figures show today, despite continued stagnation in public sector building.
Construction activity increased by six per cent in the 12 months to March, led by a 12 per cent jump in private housing schemes, according industry analysts Glenigan.
Private sector activity was also helped by a five per cent rise in non-residential construction.
But civil engineering projects increased by just three per cent, after falling previously.
“A tightening of lending procedures by the Bank of England led to a cooling in mortgage lending throughout 2014,” said Glenigan’s economics director Alla Wilen.
“However, approvals picked up by two per cent between November and December – a sign that the reforms have bedded in and mortgage credit may begin to ease once more over the coming months.”
“Moreover, the pipeline of potential schemes is strong. The underlying value of detailed planning approvals secured for private housing schemes has risen by 15 per cent over the 12 months to January.”