Public housing hits record low as expectations for future work drop
An increasing number of surveyors saw falling workloads in the third quarter of the year, according to the latest figures from the Royal Institute of Chartered Surveyors.
Although most saw no change, the overall net balance of those reporting rising workloads against those saying they had seen a decline in work was -10.
This is a fall from -7 in the second quarter, and +5 in the first quarter of this year.
Some areas saw much sharper drops in work, however. Public housing scored -32, the lowest level since the survey began in 1994. Other public works scored -23.
Expectations for workloads over the next 12 months have also dramatically dropped, with the net balance down from -5 in the second quarter to -19 in the latest results.
The net balance for employment and profits over the next year were similar to last quarter, at -20 and -46 respectively.
The survey was based on 183 responses from members of the RICS across the country and weighted by region.