Weekly Economic and Construction Update – 21 October 2022

Date Published

21 October 2022

Document Type

Category

Author

TDUK
Summary

In the latest data from the Insolvency Service, 337 UK construction firms became insolvent in August and 3,944 construction firms went out of business in the year to August 2022, which is the highest number since the financial crisis, surpassing last months’ recent high.

Note that construction output in August was 2.5% higher than in January 2020, pre-pandemic, but materials costs were 44.1% higher and insolvencies were 27.2% higher.

Key Information

The average UK house price was £295,903 in August 2022 according to ONS/Land Registry, 0.9% higher than June and 13.6% higher (£36,000) than a year ago compared with 16.0% growth in July (due to high house prices a year ago as a result of stamp duty changes).

The largest house price increases in the year to August were in the South West (17.0%), East Midlands (16.9%) and North West (15.3%) yet most regions/nations had double-digit annual house price rises although London remains a notable exception.

 

Case studies

Set at the end of a long rural track in Hampshire, Long Sutton Studio is a building which celebrates timber in its many forms:
softwood and hardwood, laminated, planed and rough sawn.

Simpson & Brown Architects has designed a new visitor centre for English Heritage, using timber to create its principal space, a light-filled arcaded hall of tall glulam arches, reflecting the characteristic columns and pointed arches of the Gothic ruins.