Government housing push needs to keep momentum into 2025, warns FMB
Posted: Wednesday, January 8th, 2025
The newly released S&P Global/CIPS UK Construction PMI data for December 2024 shows that construction output is at a six-month low and that housebuilding is the weakest-performing area within the construction sector. According to the Federation of Master Builders (FMB), there is still much to be done to tackle Britain's housing crisis. Brian Berry, chief executive of the FMB, commented: “The figures demonstrate the need for significant concern about the viability of the Government’s plans to boost housebuilding rates, with the data showing a decline in output for the third consecutive month. “More alarmingly, as we are in the winter months, this has been the fastest reduction since June 2024. With ‘subdued demand conditions’, ‘elevated borrowing costs’ and ‘weak consumer confidence’ sighted by survey respondents as holding back growth, more must be done to get Britain building again.” The Government made a promising start following the General Election, promising to build 1.5 million homes and implement significant planning reforms, which the construction industry welcomed. However, the FMB has continued to arguea that these goals will not be deliverable without a focus on tackling the construction skills crisis, diversifying the housing market from a small number of volume housebuilders, and ensuring changes to planning policy deliver for small builders. Despite early announcements, the data shows this must remain the long-term focus for 2025,” he concludes.
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