The latest economic snapshot of the construction industry by the RICS has presented a bearish outlook for profit over the next 12 months.

The RICS’ construction market survey said confidence in future profits during the third quarter fell to its lowest level in a year.

Just 11% more surveyors expect profits to be higher rather than lower in 12 months’ time, down from 25% in the previous quarter.

Earlier this month a report by Gardiner & Theobald also warned that profit margins were set to fall in the coming year as growth slowed.

The RICS added that growth in total workloads “stabilised” during the third quarter, but at a level well above the survey's long run average.

Regionally, Scotland continued to experience the fastest expansion and London and the South-east are experiencing the slowest workload growth of all the regions in the survey.

In the north of England, workloads rebounded strongly after declining in the previous quarter. Workload in the Midlands, East Anglia and Wales continued to grow at the same pace as previously.

Although workloads in Northern Ireland grew, the expansion was at a slightly weaker pace than in earlier quarters.

The survey said overall workloads in public housing, private housing, and private commercial sectors increased at the same pace as previously.

Workload growth in the other public works and private industrial sectors rebounded during the quarter, but growth in the infrastructure sector slowed.