Slowing construction rate could be slowing supply of houses for FTBs

08-Feb-2010

Builders started work on the lowest number of new houses in the 2008-2009 financial year since records began in 1990-1991, which could be strangling the supply of houses in the UK and forcing would-be first-time buyers (FTBs) to miss out on securing a home.

The 90,320 properties started in the year was significantly down from the 156,440 constructed in 2007-2008, figures from the Department for Communities and Local Government show.

FTBs seeking a way on to the first rung of the property ladder may find the decreasing rate at which new homes are built has an adverse effect on their attempt.

Many could be forced to rent a home - with statistics by the department revealing the number of new buildings started by registered landlords rose from 15,810 in 2007-2008 to 18,850 a year later.

The lack of construction work being carried out could be just one in a list of worries for FTBs, with house prices - which rose by 0.6 per cent in January - likely to be another.

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