Shortage of new homes revealed
PLANNING permissions to build new homes are at one of the lowest levels in the last five years, according to a Homebuilders Federation Report.
The implications of this collapse in permissions are stark and threaten to exacerbate an already acute housing crisis. Currently the country has a housing shortfall estimated to be a million homes, and last year saw the lowest number built since 1923, say the HBF.
Permissions granted for homes typically take up to three years to build. So the implications of this drop will not be felt for some time. The New Housing Pipeline report shows that through 2010 there has been a steady fall in permissions granted for new homes.