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HOUSING STARTS DROP NEARLY A THIRD

HOUSING STARTS DROP NEARLY A THIRD (Buying)

by administrator @, Monday, July 18, 2011, 15:04

Residential construction was down 29% year on year as a result of private and public sector cuts, according to figures from Glenigan.

Overall, the underlying value of UK construction project starts was 24% lower for the three months to June compared to the same period in 2010 according to the latest data from construction industry analyst Glenigan.

Private housing project starts were down 31% year on year, while social housing was down 26%.

Allan Wilen, economics director, Glenigan, said: "House builders continue to be reluctant to start new sites and are focussed on completing existing developments as the housing market remains sluggish.

"However, the Government's Firstbuy programme will help to bridge the mortgage gap for first-time buyers and Glenigan forecasts that private house building will stabilise by the end of 2011.

"In contrast social housing will decline further as a result of continued public sector cuts."

www.glenigan.com


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