According to a survey conducted by Deloitte Real Estate, headed up by Andrew Duggan, there has been an 80% increase in new construction projects over the last 12 months compared with this time last year.
In October, its statistics recorded 45 new schemes commencing in Birmingham, Manchester, Leeds, Edinburgh and Glasgow. Many of the projects are for office space and student accommodation, as demand for both continues to increase, together with city centre residential schemes. Currently, there are at least 11 new office developments being commenced, delivering 837,000 square foot of office space.
The rise is said to be as a result of improved developer sentiment and coincides with the recent improvement in the UK’s economy. Manchester has seen the highest increase in development activity following a dramatic increase in new projects in the city. The survey recorded 19 new construction projects being commenced, including 8 residential developments.
In the survey, Duggan concluded that “Residential development has seen a two fold increase with 1,400 units under construction, although this is still comparatively weak compared to the height of the market”.
“Sentiment is certainly returning amongst home buyers and residential developers, with the help of government backed initiatives”.
We have certainly seen evidence of this surge in new construction projects, what are your experiences this year, have you seen a sudden surge too?
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