For its latest Market Report, quantity surveying firm Gleeds ran a poll of views of the recent budget statement from chancellor of the exchequer Rachel Reeves. It was the first Labour budget in 14 years.
Out of 276 respondents, 80% said it would either have negative repercussions or make no difference to the construction sector overall. Almost 40% reckon that the budget will result in a decline in investment in the UK property market.
Gleeds’ market survey was conducted between 31st October (the day after the budget) and 20th November 2024.
Gleeds reports that nearly 90% expect that the government will fail to fulfil the pledges it made at the end of October within stated timeframes – including promises on major infrastructure programmes and the delivery of 1.5 million new homes within this parliament. The findings mark a shift from a previous survey three months early, in which 70% expressed confidence that construction and real estate was a priority for the Labour leadership and just under half said they thought it would be demonstrably better for the sector than the Conservatives.
Gleeds chair Richard Steer said: “It has been an eventful year. Potential trade tariffs from the US and instability elsewhere has had a significant impact on investor confidence, which ranked as the number one threat to the industry in our 4Q survey.”
