Tuesday, 5 February 2013
A record low for house building.
According to he Construction Industry Federation has said 2012 was a record low for house building and expects this year to be lower again. New CIF figures reveal that fewer than 8,500 homes were built last year, the majority of which were once-off houses or the completion of unfinished estates.Records on house building began in 1970 and just under-14,000 houses were constructed that year. That figure was the lowest on record until last year. The CIF says the ESRI estimates that 15,000-20,000 new homes need to be built every year to meet future demand. REA believes this will lead to an increase in the numbers of buy to let style properties. Banks will be releasing more & more of these properties as they will not continue to tolerate interest only payments. This will feed the demand for housing.