{"id":144289,"date":"2021-10-05T20:41:00","date_gmt":"2021-10-05T20:41:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2925110"},"modified":"2021-10-05T20:41:00","modified_gmt":"2021-10-05T20:41:00","slug":"global-housing-market-boom-pushing-construction-costs-higher","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/10\/05\/global-housing-market-boom-pushing-construction-costs-higher\/","title":{"rendered":"Global Housing Market Boom Pushing Construction Costs Higher"},"content":{"rendered":"

Home prices are experiencing robust gains as the global economy recovers from the pandemic. The <\/span>UK House Price Index <\/span><\/a>(HPI) reported average house price in the UK is \u00a3255,535 as of July 2021, up 8% compared to the previous year. Statistics from Zoopla, an online property portal,\u00a0 show similar price tends.\u00a0 Zoomla estimates the cost of the average home in Britain\u00a0 is \u00a3235,000, up about 6% over the past year.<\/span><\/p>\n

That trend of movers looking for more space and bigger gardens, after the repeated lockdowns, has \u201cfurther to run\u201d, according to Gr\u00e1inne Gilmore, Zoopla\u2019s head of research. \u201cIn the face of the very strong buyer demand evident since May last year, average home values have risen by a greater margin in regions and towns where relative affordability is greater,\u201d\u00a0<\/span><\/p>\n

The IHS Markit\/CIPS UK Construction PMI dropped to 55.2 in August 2021, down sequentially from 58.7 in July. The latest report highlighted supply chain constraints and transportation costs began to weigh on overall activity. The UK construction industry is being hit by unprecedented shortages of raw materials and labour, the costs of which are also rising at rates far in excess of anything previously recorded in over two decades of PMI survey history.<\/span><\/p>\n

Commercial work was the best performing broad category of construction output in August, even as growth eased to a six-month low, followed by housebuilding and civil engineering. Also, lack of skilled workers began to weigh on the rate of hiring. On the price front, input cost inflation accelerated to the second-fastest rate in the 24-year history of the survey. Looking ahead, construction companies remained highly upbeat about their growth prospects over the coming 12 month.<\/span><\/p>\n

“Evidence\u00a0 that\u00a0 the\u00a0 UK\u00a0 construction\u00a0 sector\u00a0 began\u00a0 to\u00a0 feel\u00a0 the \u00a0 impact\u00a0 of\u00a0 ongoing\u00a0 supply\u00a0 chain\u00a0 disruption\u00a0 was\u00a0 widespread\u00a0 midway\u00a0 through\u00a0 the\u00a0 third\u00a0 quarter\u00a0 of\u00a0 2021.\u00a0 Growth\u00a0 rates\u00a0 for\u00a0 overall activity as well as the three monitored subsectors eased\u00a0 further\u00a0 from\u00a0 the\u00a0 recent\u00a0 highs\u00a0 earlier\u00a0 in\u00a0 the summer,\u201d said Usamah Bhatti, Economist at IHS Markit. “Supply chain disruption continued to disrupt activity\u00a0 across\u00a0 the\u00a0 UK\u00a0 construction\u00a0 sector,\u00a0 as\u00a0 demand\u00a0 for\u00a0 materials\u00a0 and logistics capacity outstripped supply. Average vendor performance continued to deteriorate at a near-survey record rate, as firms noted severe shortages of building materials, a lack\u00a0 of\u00a0 available\u00a0 transport\u00a0 capacity\u00a0 and\u00a0 long\u00a0 wait\u00a0 times\u00a0 for\u00a0 items from abroad due to port congestion.\u201d<\/span><\/p>\n

Eurostat also reported housing market strength \u2013 home prices increased 6% for its Member States. The highest annual increases in house prices in the first quarter of 2021 were recorded in Luxembourg (+17.0 %), Denmark (+15.3 %), Lithuania (+12.0 %), Czechia (+11.9 %) and the Netherlands (+11.3 %), while prices fell only in Cyprus (-5.8 %).<\/span><\/p>\n

In the United States new home prices increased 19% year over year in July 2021, the fastest pace in over 20 years. Supply of homes available for sale is low, due to lower construction levels of new single family homes over the past decade. Reduced availability of building materials and higher construction costs have led to <\/span>new home construction delays<\/span><\/a>. Several home builders have reported difficultly finding adequate labour and building materials.\u00a0<\/span><\/p>\n

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IPS<\/a>, Wire<\/a>, English<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Home prices are experiencing robust gains as the global economy recovers from the pandemic. The UK House Price Index (HPI) reported average house price in the UK is £255,535 as of July 2021, up 8% compared to the previous year. Statistics from Zoopla, an online property portal,  show similar price tends.  Zoomla estimates the cost […] Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-144289","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\nGlobal Housing Market Boom Pushing Construction Costs Higher - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2021\/10\/05\/global-housing-market-boom-pushing-construction-costs-higher\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Housing Market Boom Pushing Construction Costs Higher - Business\" \/>\n<meta property=\"og:description\" content=\"Home prices are experiencing robust gains as the global economy recovers from the pandemic. 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