As someone who has spent the majority of his career in DIY retail sheds, it is no surprise that the whole hub of the UK economy is based around housing and oil. As mortgages became harder to get with higher deposits and smaller multiplication of salary to monies borrowed needed to complete a mortgage application, even then provided the money was available, has meant the housing market went into freefall creating the biggest recession since the 20s, depending on which newspaper you read.
Of course the first to be hit is the builders themselves. The influx of Polish workers brought in to handle a lot of building work, pretty much packed their bags and went back home to better prospects. The businesses that attach themselves indirectly to the housing market such as DIY stores, tool hire and the equipment suppliers providing the equipment needed to build houses such as excavators and diggers are next to be hit. One company selling wear parts and accessories such as rubber tracks saw a huge downfall in profits and turnover, as this type of equipment was heading for auction yards, not repair.
Then the word confidence or “lack off” starts to be mentioned every hour on the hour by the press and even those in pretty secure jobs, stop spending money which affects everyone, from sandwich sales to new cars. It has just been announced that we are now out of recession albeit by a very small margin. Common sense states, no matter what figure there out there, it will be when the housing market picks up with sales and prices, can we say we really are on the up.