The construction industry in the UK has been hit hard by the coronavirus pandemic, with new data from Glenigan showing a 55% drop in new housebuilding activity in April 2020 compared to the same month last year. This is a significant decrease in activity and highlights the impact of the pandemic on the industry.
The data from Glenigan shows that the number of new housing starts fell from 8,945 in April 2019 to 4,037 in April 2020. This is a decrease of 55%, which is a significant drop in activity. The data also shows that the number of housing completions fell from 8,874 in April 2019 to 4,912 in April 2020, a decrease of 45%.
The decrease in activity is due to the restrictions put in place by the government to combat the spread of coronavirus. These restrictions have had a major impact on the construction industry, with many sites being closed or operating at reduced capacity. This has led to a significant decrease in new housebuilding activity.
The decrease in activity is likely to have a major impact on the UK’s housing market. With fewer new houses being built, it is likely that house prices will increase as demand outstrips supply. This could lead to an increase in homelessness, as people are unable to afford the rising prices.
The government has announced a range of measures to help support the construction industry during this difficult time. These include grants and loans for businesses, as well as tax breaks for developers. It is hoped that these measures will help to stimulate the industry and encourage new housebuilding activity.
In conclusion, the data from Glenigan shows a significant drop in new housebuilding activity due to the coronavirus pandemic. This could have a major impact on the UK’s housing market, with house prices likely to increase due to a lack of supply. The government has announced a range of measures to help support the industry, and it is hoped that these will help to stimulate activity and encourage new housebuilding.