UK construction employment expected to fall for first time since 2014

A cooling housing market is likely to spell trouble for the UK construction sector, with a potential decline in employment levels on the cards for the first time since 2014.

The latest figures on the level of new homes reaching the market show that housing delivery is down by -2.6 per cent across the UK when compared to the pre-pandemic market.

A look at homebuyer appetites shows that so far in 2023, buyers are snapping up just 43 per cent of available stock on the market, down from 60 per cent in 2022 and 63 per cent in 2021.

Figures on mortgage approvals also support this downward trend where buyer activity is concerned, with the number of approvals having already fallen by 20 per cent between 2021 and 2022.

This is partly due to the fact that, following September’s mini-budget, the number of higher loan-to-value products available to buyers was dramatically reduced.

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