General Election 2017

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Are you voting on the future of construction?

Just 10 steps away from 10 Downing Street, 10 months into her PM role, May announced a snap election which is looming next month.

So what’s going to be the knock-on effect on the construction industry?

Accounting for 10% of UK employment, it’s a big build or demolish factor.  Let’s take a look at what the future’s looking like.

The media broadcasts mixed reports. Although activity in the UK housing market is slacking off, according to RICS, if May gets in she is promising a housing plan ‘paid from existing budget’. Defence Secretary, Michael Fallon, claims this will be funded by the £1.4bn currently budgeted for expenditure on infrastructure. Her party’s agenda involves proposing “fixed term” council houses with a 10-15 year resale plan, any proceeds advanced into social housing.

Labour announce if they get in they will build a minimum one million new properties between the election and 2022, pledging a minimum of half for housing association or council housing.

With either outcome, economists predict a halt in the fall of house prices leading to increasing demand for new construction when the election uncertainty is over.