Construction woes could see Brits look for international mortgages

Thu, 04 Aug 2011
Brits may be tempted to look into international mortgages to help them buy abroad after it was claimed that the situation in the UK is unlikely to improve soon.

According to the Federation of Master Builders (FMB), the outlook for the construction sector in the coming months remains "grim".

Policy manager Peter O'Connell explained that the forecast is particularly discouraging for small and medium-sized enterprises within the industry.

He added that the latest FMB survey shows construction workloads are likely to decline over the next three months and job losses are expected to follow.

"The public and residential sectors are especially grim with public spending being cut, and uncertain conditions for homeowners and the house building industry," Mr O'Connell said.

The latest Markit/CIPS Construction Purchasing Managers' Index showed a slight fall in July, although growth of new orders and output were broadly in line with those seen in the previous month.
 
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