Social housing starts plummet
The value of social housing projects starting on site has fallen by 40 per cent, according to construction information company Glenigan.
The index shows the value of projects almost halved from April to June this year compared to the same period in 2009.
The residential index as a whole, including private sector starts, saw values drop by a fifth.
Allan Wilen, economics director at Glenigan, said: ‘While social housing starts are likely to remain under pressure over the coming months, a renewed recovery in private housing starts is anticipated at the end of the year as house builders capitalise on gradually improving market conditions.’
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Anonymous | 14/07/2010 11:39 am
It is certainly true that social housing projects have fallen. I don’t share Allan Wilen’s optimism concerning the private sector. I believe the housing market will not improve in the sort to medium term. It’s unlikely there will be a greater need within the private sector if interests’ rates rise combined with greater job uncertainty, higher unemployment and a 2.5% VAT increase.
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