2008 sees new home builds drop by half

Posted: 16 Jan 2009 12:28:27 GMT

The number of homes built during 2008 dropped by over half, figures from the Office for National Statistics (ONS) show, pointing to the severity of the current downturn.

House builds in the 12 months up to November 2008 dropped by a total of 55 per cent compared to the year previous.

Total construction figures across the UK fell by 27 per cent year-on-year.

Unfortunately for those trying to sell a property it appears that the downward trend in construction and demand for new homes will continue for some time.

Howard Archer, chief UK and European economist at IHS Global Insight, explained: "With housing market activity and prices likely to remain depressed for some considerable time to come and the commercial property sector in dire straits, the construction sector looks set for extended weakness, despite some support from the government."

Homeowners attempting to fetch a high price for their homes may wish to sell their property online, as doing so could attract more potential buyers than using a traditional estate agent.



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