20/05/2024
Devine Group, a leading provider of civil engineering and construction works in South East England, has expressed optimism about the future of the construction industry. Recent reports and economic moves indicate a potential end to the downturn that has affected the sector over the past year.
Lower Mortgage Rates and Growing Demand Set Stage for Devine Group
According to the Construction Skills Network 2024-28 report from CITB, the UK's construction output rose by 2% in 2023, marking the third consecutive year of growth. This positive trend is expected to continue, with an average annual increase of 2.4% projected until 2028. To meet the growing demand, the UK will need over 251,500 additional construction workers in the next five years, boosting the construction workforce to an estimated 2.75 million by 2028.
Alongside these promising statistics, several major banks have announced cuts in mortgage rates, which bodes well for the construction industry. Barclays Bank has reduced the cost of five-year fixed-rate mortgages by up to 0.45 percentage points for new borrowers and those remortgaging. HSBC and TSB have also lowered their rates on various home loan deals. Lower mortgage rates make homeownership more affordable, likely stimulating demand for new homes. For companies like Devine Group, this presents a significant opportunity to expand operations, take on more projects, and contribute to the overall economic recovery.
Nigel Jordan, Managing Director of Devine Group, commented: "We are very hopeful about the future. The growth in construction output and the reduction in mortgage rates are positive signs. This could mean more projects and more jobs in the sector. At Devine Group, we are ready to meet the rising demand and contribute to the industry's recovery."
Given these promising signs, Devine Group and other companies in the South East England construction sector are anticipating a period of growth and renewed opportunities.
ABOUT DEVINE GROUP
Devine Group is a privately owned Group of Companies established in 1974. Every successful business needs a solid foundation to build from. In June 1974, the owner and Chairman, Mr Jim Devine, set out to build a group of companies based on a rock of financial stability. Minimal debt, cash reserves and an attitude to continually reinvest back into the business. Our core business elements are Infrastructure, Groundwork, Plant Hire, and Development.
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Devine Group is a privately owned Group of Companies established in 1974. Every successful business needs a solid foundation to build from. In June 1974 the owner and Chairman Mr. Jim Devine set out to build a group of companies based on a rock of financial stability. Minimal debt, cash reserves and an attitude to continually reinvest back into the business. Our core business elements are Infrastructure, Groundwork, Plant Hire, Development.
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