Annual Predictions
CPA PREDICTIONS FOR 2024
∆ Construction output fell by 6.8 % in 2023 before a marginal contraction of 0.3 % in 2024 - with interest rates now expected to remain at their current level for longer than in the summer forecasts , slowing the UK ’ s macroeconomic recovery in 2024 , confidence to make these large up-front investments is unlikely to improve . Large projects across the commercial sector remain in ‘ wait and see ’ mode until clear signs of improving conditions emerge and this has led to the forecast for sector output in 2024 being downgraded to a 1.5 % decline , from a 0.5 % fall forecast in summer .
∆ Private housing output fell by 19.0 % in 2023 and is expected to remain flat in 2024 . Demand in the housing market and private house building sector fell sharply in 2022 Q4 , following the government ’ s Mini Budget and consequent spikes in mortgage rates . Smaller house builders are not only affected by the fall in demand , but by supply side issues such as nutrient and water neutrality that are adding to pre-existing planning issues and adding further cost problems , harming financial viability of building new properties . It is difficult to see demand recovering before 2025 , unless the housing market and house building sectors see a significant demand stimulus in the Autumn Statement in November .
∆ Private housing repair , maintenance and improvement fell by 11.0 % in 2023 before remaining flat in 2024 . Basic repairs and maintenance tend to remain stable as it cannot be delayed indefinitely but smaller , discretionary improvements work fell away last year , but planning applications for larger residential improvements work fell by 19.0 % last year and this is currently feeding through to a lack of larger improvements projects this year . Activity on energy-efficiency retrofit , primarily insulation , and solar photovoltaic work , remains strong and this activity shows no signs of abating over the next 12 months .
∆ Infrastructure output is likely to fall by 0.5 % in 2023 and by 0.1 % in 2024 , and industrial output looks set to rise by 3.5 % in 2023 before falling by 8.7 % in 2024 .
www . constructionproducts . org . uk
“ A huge market just waiting for those in our industry to benefit from ”
ALEX HEWITT , MARKETING DIRECTOR , ULTRAFRAME
» ACROSS 2023 THE COSTof-living crisis hit hard and looks set to continue to do so into 2024 and beyond . More so than ever , homeowners are having to think carefully about every penny they spend and ensure that their home improvement purchases work hard for them and their home .
While many homeowners have outgrown their homes due to older children who can no longer afford to move out and various other reasons , the cost of moving house is prohibitive for many . This has led to many homeowners choosing to extend their homes to gain the space they need , and for those with an outdated conservatory , a hup ! conversion is a cost effective way to get an energy efficient new extension in a very short timescale .
As the hup ! system is so lightweight , the existing base can be reused to save time and money vs a complete build , and homeowners can totally transform the old space with new hup ! walls , windows and doors placed anywhere in the design with a build that can be watertight in just two to three days . Not only does building with hup ! offer cost efficiencies in terms of the basework , but as hup ! walls are so slim , more usable floor space is gained compared to a traditional build , further adding the value of the home once complete .
The hup ! system grew in popularity across 2023 and we expect to see this trend continue , especially once our high profile consumer PR campaign begins later this month when we will announce our new hup ! Brand Ambassador , so watch this space …
There are currently around 1.5 million conservatories across the UK that are now outdated in terms of their energy efficiency technology and their aesthetics . This is a huge market just waiting for those in our industry to benefit from . hup ! allows installers to offer something far better than the usual roof replacement and offer homeowners real value when times are hard .
ultraframe-conservatories . co . uk
CLEARVIEW-UK . COM JANUARY 2024
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