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UK developer confidence down

(LONDON) British commercial development activity experienced a modest increase in September but developer confidence has fallen to its lowest point since May 2003, data showed yesterday.

UK property services firm Savills said developers were still struggling to regain optimism in the wake of credit market turmoil, with 20 per cent of respondents predicting a drop in retail and leisure construction activities.

Nonetheless, overall activity rose gently in September with a positive net balance of 5.4 per cent of UK commercial developers surveyed reporting an increase in activity, compared with plus 4.9 per cent in August. September data showed further growth of private sector construction, particularly for new-build projects, but levels of development activity in the South East (excluding London) tailed off at the quickest pace since Savills started to collate the data in March 2003.

The average net balance of respondents reporting growth during the third quarter fell to plus 8.9 per cent growth against plus 18 per cent in the second quarter 2007.

 

Source: Reuters (Business Times 11 Oct 07)

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