Homebuilding targets 'at risk'
New affordable homebuilding projects are falling behind schedule, as the construction industry struggles to adapt to the credit crunch.
The National Self Build & Renovation Centre claimed that the downturn in construction was putting key homebuilding targets in jeopardy.
The group claimed that despite the positive planning steps taken by the government, the current economic climate meant that major house-builders were putting projects on stop – deepening the housing shortage on dense areas like London.
Tim Doherty, managing director at the National Self Build & Renovation Centre, said: "The government's intervention in the debate over new homes last year offered encouragement to the construction industry supply chain, with new defined annual targets, relaxations in domestic planning and of course new goals for carbon neutrality.
"However, already behind target, the likelihood of delivering enough suitable, affordable new homes over the next few years is diminishing."
He added that the slowdown on affordable housing projects could make it an ideal time to consider self-build projects – while for others renting out property at affordable rates will be an alternative to investing in over-priced homes.
Published 23rd January, 2008
© 2008 Estates IT Limited
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New affordable homebuilding projects are falling behind schedule, as the construction industry struggles to adapt to the credit crunch.