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Construction profits 'set to soar in upcoming year'

Plumbing course graduates may be required to work for new building developments following a predicted increase in profit margins.

According to Construction News, figures are set to return to double digits for the first time since the onset of the economic downturn.

Chris Millington from Numis Securities estimated that takings would reach 20 to 25 per cent following more recent profits of five to ten per cent.

He also suggested that construction companies may benefit from maintaining current administration budgets while increasing their volume of properties.

"These companies are trading off a lot of land they bought pre-recession. The land they are buying now is reflective of lower house prices in the UK," Mr Millington added.

Some 29,140 new homes were built in the UK in the first quarter of 2011, which marks an 88 per cent increase from the same period in 2009.

In addition, private housing construction was 24 per cent higher than the final three months of 2010.

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