New home building tipped to drop further
Those considering buying a house in London may face an ever greater challenge than before as new figures indicate a further drop in the numbers of new homes being built.
New data from the Royal Institution of Chartered Surveyors (RICS) has revealed that across the whole of the UK this year only 66,200 homes have been built, compared with the government's target of 200,000.
RICS chief economist Oliver Gilmartin has said the total of homes built may even fall below half of the required number.
He stated: "At current levels of production the number of new homes built will fall below 100,000 in the coming year."
Such a situation could make it harder for people to find the homes they want to buy - including in London.
This may make renting much the better option while the situation persists.
Figures produced in the government's 2007 green paper which set the targets reveal that the last year in which over 200,000 homes were built was 1988.
Published 6th October, 2008
© 2008 Estates IT Limited
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