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London property growth more than double expectations | 17 June 2014

Construction projects are so abundant in London that contractors can “pick and choose” their jobs, according to consultancy firm Turner & Townsend.

According to the company’s UK managing director, Steve McGuckin, the days of ‘bidding for every sniff of work’ are now long gone, with contractors now having the enviable position of being able to pick and choose their projects. Much of this can be attributed to the 1.5 per cent growth rate already recorded for the first quarter of 2014, despite initial forecasts putting it at only 0.6 per cent, building.co.uk reports.

Year-on-year there was also growth, with these increases expected to continue long into 2014.

McGuckin added that tender prices are still competitive, although highlighted a rise in input costs that guarantee this perfect storm of conditions will not last indefinitely.

He told constructionenquirer.com: “With such a big upward revision to the construction sector’s contribution to GDP growth, the industry can hold its head high.
“Its power to generate jobs and broader economic progress is undimmed, and construction growth has finally spread from the southeast to many other parts of the UK. But the long lag time between an investment decision being made and shovels in the ground means these output figures don’t yet fully represent the strong levels of activity at the front end of the industry.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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