Social housing starts fall by a third
The development of social housing has fallen by more than a third in the three months to November, according to a new report.
The Glenigan Index is reporting that social housing starts dropped by 38 per cent compared to the same time last year, with an overall drop of 24 per cent in total housing starts.
The index warns that further reductions in social housing starts are forecast in the coming months as cut backs in government funding start to take hold.
James Abraham, economist at the construction sector forecasters Glenigan, said: ‘Private housing starts fell 13 per cent but are forecast to stabilise over the coming months. However, social housing declined 38 per cent year on year and further retrenchment is forecast here as the cut backs in Government funding bite.’
Overall, the number of construction project starts fell by 10 per cent compared to the same time last year, and the index laid blame for the fall on house building.