Building activity increases in May
The level of construction activity in the UK last month rose in spite of higher borrowing costs, it has been revealed.
Property firm Savills has reported that its Total Commercial Activity Index rose from 59.7 per cent in April to 61.0 per cent in May.
Such figures mean that current building activity levels remain well above the long term average, Savills has advised.
"With both the growth in the volume of development remaining high in May, and expectations for further increases staying firmly positive, it is evident that the increase in the base rate in May has not dented developers' optimism," commented Savills head of commercial research Mat Oakley, according to Reuters.
"Whether this will be the case if they rise again in the next few months remains to be seen," Mr Oakley added.
The government recently announced that it wants all builders to supply carbon-free properties by 2016.
© Adfero Ltd