Build­ing slump adds to short­age

Yorkshire Post - Property - - PROPERTY -

THE num­ber of new homes be­ing built each year in Eng­land will fall be­low 100,000 if present trends continue. The Gov­ern­ment’s tar­get is 185,000 new homes this year, but ac­cord­ing to a new re­port by BNP Paribas, the UK’s hous­ing short­age has been com­pounded by a steady re­duc­tion in build­ing.

The re­port says that be­fore 2008, the av­er­age num­ber of quar­terly starts on new homes was more than 42,000. It has since dropped by nearly 40 per cent to fewer than 26,000. Starts in the last two quar­ters have fallen back fur­ther to lev­els last seen in 2009, the low­est point in re­cent times for house build­ing. The re­port blames eco­nomic un­cer­tainty, lack of con­sumer con­fi­dence and mort­gage fi­nance.

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