Britain's construction businesses are low on confidence following the recent Brexit vote, the latest statistics show.
While several recent reports have suggested that the UK economy is faring well on the back of the referendum, new figures compiled by the Royal Institute of Chartered Surveyors (RICS) indicate businesses are wary of the economic implications the decision to leave the EU will have over the short and medium-term future.
Indeed, the research found that levels of construction activity dropped off in the immediate aftermath of the vote. As well as expecting to see falling workloads, constructors are also easing back on recruitment.
Similarly, the Centre for Economics and Business Research (CEBR) has found that consumer confidence has been falling, with this likely to have a knock-on effect in the property and construction sectors.
"If homeowners' fears over their property prices are realised then there could be a very serious impact to both the housing sector and the economy in general," CEBR director Scott Corfe noted.
