RISE IN GOVERNMENT INVESTMENT FOR THE DEVELOPMENT OF TRANSIT FACILITIES ACROSS THE UK
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Rising government investment in Affordable Housing & National Health Schemes is expected to prompt the UK's used construction equipment sales during the forecast period. The United Kingdom used construction equipment market by volume is expected to cross 20,918 units by 2028.
In 2021, the government planned to invest USD 900 billion in infrastructure development projects across the UK for the next ten years. The government is also investing in affordable housing schemes and the healthcare sector. An investment of USD 4.3 billion & USD 4.9 billion is allocated for building hospitals & affordable housing schemes in 2022, respectively. Investments were also directed for the upgradation of public infrastructure such as roadways, railways, & airports. USD 171 billion will be allocated to repair and redevelop roadways, bridges, and traffic signals across the UK in 2022. Such development projects are projected to boost the UK used construction equipment market growth.
UK used construction equipment market was estimated at USD 508.8 million in 2021 and expected to reach USD 624.3 million by 2028, growing at a CAGR of 2.97%.?
MARKET TRENDS & DRIVERS
Government Investment for Housing Development Projects to Overcome Housing Crisis
The UK is facing a housing crisis due to low investment in the country’s housing sector in 2022. The mismatch of demand & supply of housing units across the country resulted in a surge in the prices of houses. In 2022, the housing price increased by 11% compared to 2021. Cities with the most significant housing shortages primarily concentrate in the Greater Southeast of England, such as London and Brighton. To overcome the housing crisis, the government plans to build 300,000 new homes yearly to match demand and keep housing costs affordable from 2020. However, the government missed the yearly housing target, and 216,000 housing units were constructed between 2020-2021.
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In 2021, the government introduced the affordable Housing Delivery Plan 2022-2025 in Bristol city. The project aims to build 1,000 new affordable housing units in a year by 2024. This project is an updated version of the Housing Delivery Plan 2017-2020. The UK-used construction equipment market will likely play a vital role in housing development projects.
Rise In Government Investment For Development Of Transit Facilities Across UK
In 2022, the government plans to boost the investment in transport infrastructure in the country's Cornwall, Greater Manchester, Newcastle & Southampton regions to enhance the economic recovery post-pandemic. The government planned to invest USD 170 million in four significant road development & maintenance projects across the country, which is expected to reduce traffic congestion and improve connectivity.
Four major road projects announced by the UK government in 2022 are a 6.2-kilometer road linking St Austell to A30 road in Cornwall (USD 83.4 million), maintenance of Tyne Bridge & central motorways (USD 37.5 million), enhancing walking & cycling accessibility across A34 between Greater Manchester & Stockport (USD 35.7 million), & maintenance of A35 Red bridge Causeway connecting New Forest, & Southampton (USD 14.2 million).
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