Private housing output to slump by nearly 20% this year, CPA says

By Tom Lowe2023-05-03T06:00:00

Construction’s largest sector hit by interest rate hikes as CPA says wider indsutry will slump by more than 6% this year

Private housing output will contract by nearly 20% this year as a direct result of higher mortgage rates caused by Liz Truss’ disastrous mini-budget, according to a new report.

The Construction Product Association’s (CPA) spring forecast found private sector newbuild housing will suffer the sharpest fall of any construction sector in 2023 before rebounding in 2024.

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