In the closing weeks of the month of June, an historic vote was held in which the citizens of the UK chose to exit the EU. This move was startling to many and even led to much discussion afterwards about the possibility of a re-vote. Discussion led to the vote standing and created high levels of anxiety and lowering consumer confidence regarding the fate of the housing market. The construction sector was greatly affected and led to many projects being placed on hold and even postponed indefinitely.

A recent survey cast a bright light on the feelings related to prospects of short term and long term growth within the construction market. The data was compiled by IHS Market Economics and was released on Friday of last week.

The data indicated a dip in activity had taken place during the month of August, but also displayed more optimistic figures than the previous month.

The month of July saw a seven year low at a PMI of 45.9. The Purchasing Managers’ Index improved however during the month of August to rebound back to a level of 49.2. Many analysts found relief in the PMI as it was well ahead of the forecasted 46.5.

The forecast for more business over the next year is now higher and optimism for many firms is now within reach again. In fact, many firms have increased staffing in an effort to stay ahead and be prepared for more growth.

Tim Moore with Markit commented on the latest data to surface, saying: "The latest survey indicates only a partial move towards stabilisation, rather than a return to business as usual across the construction sector.”

Moore added: "There were still widespread reports that Brexit uncertainty had dampened demand and slowed progress on planned developments, especially in relation to large projects."