Residential building is on the tail-end of a large downward correction . From here we forecast a strong upturn through to 2027.

The current downswing cycle was driven by low occupant demand during low migration period and exacerbated by the end of HomeBuilder scheme and rising interest rates.

Occupant demand is now rising to an unprecedented amount, as a result of a post-pandemic surge in net overseas migration.

The build-up of unmet demand, and need to address it, plus expected cuts in interest rates in early 2025, will trigger next housing upturn.