High interest rates and low confidence put construction firms under pressure, Lords warnsLords Trading Group saw its stock slump on Thursday (Gareth Fuller/PA Wire)Construction firms have been hit by a barrage of reduced market confidence, high interest rates and rising national insurance costs, builders’ merchant Lords has warned, after it suffered its biggest-ever single-day stock fall. The London-based firm released a challenging market update on Thursday, which saw its shares plunge 20.61 per cent to an all-time low of 13p. Kilpatrick added that high interest rates remain a concern and that no one was “predicting an invasion of Iran in the early part of this year,” which has added further economic pressure on the sector. Crest Nicholson reported a £35m loss, driven by higher interest rates, rising costs and deteriorating consumer confidence caused by the Iran conflict. “But we’re doing all we can to keep winning market share, keep driving the business forward and keep our costs down.”