Housing construction comprised nearly half the value of all UK building contracts in October, totalling £3.7bn, according to the latest Economic & Construct ion Market Review from industry analysts Barbour ABI.
Overall for October, the value of residential projects is the highest since Barbour ABI started tracking the series.
This has been helped by a number of projects within private housing, which accounted for 81 per cent of all residential contract values.
Major construction projects in October were spread right across the UK, from the City North Development in Finsbury Park valued at £120m, to the Oakfield Road proj ect in Altrincham, Greater Manchester, that is set to deliver 59 flats with a total construct ion value of £70m.
Michael Dall, lead economist at Barbour ABI, said: “After a slower third quarter for construction activity, it was vital for the industry as a whole that residential bounced back to help regain momentum. It was also encouraging to see the spread of contract values right across the UK.
“Although the residential contract value figure increased in October, the number of units awarded increased by only 2.8 per cent, suggesting that recent schemes are more focused on high value rather than high density, which does not necessarily bode well for those calling to increase housing figures.
However, October’s total residential value was the highest for over three years and dominated by private housing, which has to be seen as a positive for the industry, economy and investors.”