Fewer properties being built |
15 2008 |
| The number of properties being built in the UK is in decline, according to new figures. The Department for Communities and Local Government (DCLG) has revealed that new starts are down. It is a clear sign that many people are avoiding the housing market, with many opting to rent instead. Commenting on the figures, David Stubbs, senior economist at the Royal Institution of Chartered Surveyors (Rics), said that things look set to get worse. "Today's figures show house building firms dramatically reducing the number of properties they are starting to build in response to a weak market and excess inventories of unsold homes," he said. "Given the on-going problems in the mortgage market and a weakening economy, the decline in house building will surely continue. "This promises to makes the government's pledge to build three million homes by 2020 a difficult one to keep," added Mr Stubbs.  |
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