UK construction market trend

Despite the uncertainties of the current macroeconomic environment, the sector as a whole remains buoyant.

According to figures provided by the Department for Business, Energy & Industrial Strategy (BEIS), brick deliveries in the UK totalled 2.51 billion in 2022 (2.4 billion in 2021).

Domestic production amounted to around 2 billion bricks (up 3% on 2021) while imports stood at 570 million, up 19% on the previous year and accounting for 23% of the total. The sector’s inventory remained very low (300 million bricks), in line with the levels maintained in 2021 and 2020.

Mortgage rates have been falling since the end of 2022, making home purchases more affordable for end consumers, who prefer new and more efficient buildings over second-hand stock due to rising energy prices.

The number of new housing starts is expected to decline over the next two years (down by 11% in 2023 and by 1% in 2024), while the renovation segment will remain stable at 2022 levels in the medium term.

Despite the uncertainties of the current macroeconomic environment, the sector as a whole remains buoyant.