| Tender prices will continue to fall |
| Tuesday, 28 July 2009 | |
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The latest Tender Price Index compiled by BCIS, the Building Cost Information Service of the RICS, predicts that tender prices could see a total fall of 14.9%, from the peak period before prices start to recover in 2011.
Declining workloads continue to be the main driver for lower tenders as contractors have to keep prices at a minimum to remain competitive. New orders for construction fell 19% in the first quarter of the year, and were a massive 38% lower than the same period a year earlier. |