Note: Following the publication of government statistics on housing construction in Q3 2023 today, we are sending clients a revised version of this Update first published on 11 January.
Barring Q2 2020, when lockdown caused construction activity to cease temporarily, housing starts slumped to their lowest level since 2009 in Q3 last year. While that was partly due to the enforcement of new building regulations, more timely data show only a partial recovery in Q4. But our new, higher forecasts for housing market activity suggest we are nearing a turning point.
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