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Published 24 March 2016
The market is posing new challenges for the construction industry with both main contractors and employers trying to meet the challenge of ever increasing costs.
The suggestion that there were going to be 200 high-rise residential projects in Central London now looks extremely unlikely. Demand for high end residential properties has fallen substantially. Yet major contractors are walking away from projects. 2016 has already seen three top ten contractors walk away from major projects having only completed the enabling works as they have decided that they simply could not deliver the projects for the price demanded by the blue-chip clients' cost advisers. It would appear that they have learned the lessons of the last recession that chasing turnover is misconceived. The old adage "turnover is vanity and profit is sanity" seems to have finally hit home. The main contractor's ability to put pressure on the subcontractors has also changed as most of the subcontractors have so much work they are practically overheating. No-one in the industry wants to return to low billing and negative margins.
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