New RICS report on the property market in the UK

According to the survey of the UK property market from the Royal institution of Chartered surveyors (RICS), real estate market the UK there is an growth in almost all parts of the country thanks to new government initiatives.

Since the crisis began in 2007, the construction volume of the residential sector in the UK has declined substantially across the country.

However, since the start of 2013 activity has gradually went up, according to RICS. In the second quarter of this year, the financial performance of construction companies showed positive dynamics, which according to most appraisers, said the growth of workloads, and is the most positive trends over the past six years.

The decline of the construction sector of residential property of England has led to the fact that until now, many construction projects are in limbo, but the current rise suggests that the worst times already behind.

RICS notes that the largest growth sector of residential construction in the UK to be realised in the next 12 months, as more than 59% of respondents predict a rise in workloads in the construction industry.

RICS also says that every pound directed to the construction in the UK will give three pounds in economic growth, which certainly can be seen as good news for the country as a whole.

Across the country, the highest activity is observed in London, the South East and the Midlands. And in Northern Ireland was the lowest value of balance to 4%, but RICS notes that it is still the highest growth in recent years. Looking ahead, I want to say that this is positive news for the construction sector, as it will increase profits, and as a result, employment in the construction sector.

Moreover, the data obtained in the study indicate that the sector to be in the most favorable condition for the last six years, and it is hoped that this is the beginning of a long road to recovery of the market , which all have been waiting for.

According to the chief economist of RICS, it’s obviously good news that the volume of residential construction in the UK across the country have moved on. But as this modest improvement comes after a long period of stagnation, many businesses in this sector are still trying to stay afloat.

He also added that securing Finance for development is still a big problem.

® Maxim Savitsky. 02.08.2013