Justin Sullivan warns of “white hot” demand
The new president of the Royal Institution of Chartered Surveyors (RICS) has stated that the ongoing skills shortage within the construction industry could scupper Kier Starmer’s housebuilding plans.
Justin Sullivan, who became the organisation’s 143rd president this week, described the demand for built environment professionals as “white hot, and opportunities for the next generation are profound.
“We need to get more young people considering and entering surveying as a career. The UK faces many challenges – we need to build more homes, but face skills shortages which threaten to derail these plans.”
The Labour government has recently reiterated its pledge to build 1.5 million new homes over the next five years.
Meanwhile, a report published by the Construction Industry Training Board in May 2024 said that the sector needed more than 250,000 extra workers to meet demand.
Construction professionals recognised in New Year Honours
Springfield Chairman Alexander William Adam and Gleeson Chairman James Thomson have been recognised in the King’s New Year’s Honours list.
Thomson received a CBE for services to policing and inclusion for his work with as Non-Executive Director with the Serious Fraud Office.
Adam was awarded an OBE for services to the construction industry in Scotland.
Vistry sounds third profit warning
Vistry Group has issued its third profit warning for the 2024 financial year, citing delays to expected year-end deals and completions.
In a trading update at the end of December 2024, the developer said its adjusted profit before tax for FY24 would be around £250m.
The housebuilder had issued two previous profit warnings, downgrading the original £400m profit target to £350m, then £300m.
The firm said that a number of partnership agreements expected to complete had taken “longer to conclude”, and the commercial terms on offer with other transactions “were not sufficiently attractive.”
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