Building projects are put on hold
Tuesday 11th November 2008, 2:57PM GMT.
SOME building projects have been put on hold as clients wait to see if Jersey’s market will be affected by the UK recession.
Construction and engineering heads say that as banks tighten their lending criteria many clients are ‘stepping back’ and waiting to see how the global credit crunch filters down to Jersey.
Neil Campbell, Jersey Federation of Consulting Engineers chairman (pictured), said: ‘I think potentially there are effects that will filter through with banks becoming more cautious about lending money.
‘One or two medium-sized domestic refurbishment projects have been shelved because clients are nervous about the next six to nine months.
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In the same day we have the Treasury Minister stating “JERSEY is not heading towards recession,” we have “building projects been put on hold as clients wait to see if Jersey’s market will be affected by the UK recession.”
Those who say the UK will not effect Jersey must remember that according to the latest figures 50%+ of shared transfers are UK invester purchases. So if banks are more cautious then investors will not get the loans they need as they can not release thier equity in the UK as house prices have fallen 30%+ since last year.
While it is good news Jersey is not yet showing the signs of recession the UK is still not offically in recession until the next lot of figures are released but we all know that there is one. Jersey will survive but at what cost?
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Considering that the largest part of the working population are people who work in finance, I think many of them are making their own risk assessment and it is nothing like as rosy as Terry le Sueur’s.
Credit card and other debt is being paid off and money is being saved up, personal ‘rainy day funds’ are being established as shelters against future storms.
It Terry le Sueur is right then next year will be cheery as people change to a less cautious view.
But I bet you that car and house sales are down and the kitchen and bathroom refitting markets are thin as people are moving less.
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