Housebuilding down

New figures have provided further evidence of a decline in the number of new homes being built.

Statistics from the Department for Communities and Local Government have shown that the seasonally adjusted number of housing starts in England and Wales in the first quarter of this year was 24 per cent down on 12 months earlier at 32,100.

It was also 21 per cent down on the figure from three months before.

Completions also fell to 39,500, a reduction of 18 per cent on a year earlier and 12 per cent on the last quarter of 2007.

The department also revealed that housing starts in 2007-08 were down by ten per cent on 2006-07 and 18 per cent lower than 2005-06.
Such figures suggest targets to meet Britain's housing shortfall are less likely to be met, which may be a good reason for those wanting to won a home to look at the self build option.

Another reason is the current high level of mortgages.

The average two-year loan is now at 6.64 per cent, the highest level since 2000 and up from 4.34 per cent two years ago, the Telegraph reports.


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