Construction industry faces slowdown

01/04/2008

The construction industry is facing a slowdown, according to the Royal Institution of Chartered Surveyors (Rics).

The global credit crunch has affected new developments and only one per cent more surveyors reported a rise in work in the last quarter than reported a fall.

David Stubbs, senior economist, noted: "Growth in the construction industry has slowed abruptly in the first quarter of this year."

However, Ken Livingston announced an extra 50,000 affordable homes would be built in London, if he is re-elected as mayor.

They would be built over the next three years and he pledged to maintain his policy that 50 per cent of new developments should be affordable.

Mr Livingstone said the rate of house building in the capital has almost doubled since he became mayor in 2000 to 33,000 last year.

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