News - Midlands
Public sector cuts “firmly impacting” on property market
Commercial development activity in the UK fell for the first time in three months, reflecting a sharp drop in public sector activity, according to the latest survey by project consultancy Savills.
Public sector activity across the country fell at the fastest rate since January 2009; however, private sector development increased for the 11th month in a row.
Commenting on the survey, Michael Pillow, head of Building Consultancy at Savills said: “Public sector austerity measures are now firmly impacting on the development market, with development activity for public sector clients now in double-dip territory.
“Thankfully the slack is being taken up by continuing growth in the private sector.”