Building industry poised for the crunch to come

By Thom Ogier

ISLAND builders have expressed concerns that the credit crunch could hit local trade – but most claim to have been unaffected so far.

Core Construction owner Neil Lamb said he had heard worried talk. ‘When I’m down at the builders’ merchant I hear other tradesmen chatting, saying they find business is getting a lot tighter,’ he said. ‘I think it is definitely having a bit of an effect. It is certainly slowing down a bit at this point.’

He thought the effects of financial difficulties in the UK would be noticeable in Guernsey in the near future. ‘In the next six months, we will feel it a lot more over here,’ he said. ‘I feel people will be a bit scared to do big building projects.’

He said banks were being a little irresponsible in their lending habits.

‘It’s naughty of them to lend people money to buy a dwelling, then not lend them money now to do it up. Now those people are sitting on a dead duck.’

Article posted on 6th October, 2008 - 2.29pm

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