OF all the sectors to be involved in right now, housebuilding looks like a reasonably safe bet.
Mactaggart & Mickel has become the latest Scottish housebuilder to emphasise the health of the market – despite the economic uncertainty sparked by Brexit. It continues to acquire land for development in Scotland, and expects to build a healthy amount more this financial year than it did last time, with no shortage of demand to report on the homebuyer side. And with the UK in the grip of a chronic housing shortage, there is no prospect of that demand slowing any time soon – even with a widely anticipated rise in interest rates this week.
Chief executive Ed Monaghan said he believes the market has already priced in a 0.25 per cent rate rise – a marginal change which in his view will have little overall effect on demand. The bigger test will be if the expected rise turns out to be first of many, which in the longer run would inevitably alter the terms of borrowing money to buy homes. Mr Monaghan does not see this is likely. In fact, his firm is sufficiently confident in the outlook to move into housebuilding in England for the first time. The Glasgow-based company hopes to begin work on the two Oxfordshire sites early next year. Having been an active player in land investment in England for seven years now, they are unlikely to be its last.
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