77-0911-housing

77-0911-housing - Geoff Riley Eton College September 2011...

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Geoff Riley Eton College September 2011 We build on less than per cent of the United Kingdom’s land area and yet a perception remains that Britain is a crowded island with precious spare land left to construct hundreds of thousands of new homes. And we certainly need many more new homes! The UK population is set to grow to around 67.5m by 2020. Even if in the years ahead, there are radical changes to planning regulations that allow more properties to be built – will the construction industry respond to the opportunity? The evidence at the moment is that new house-building in the UK has slumped to dangerously low levels, and risks deepening the critical shortages of affordable homes across the country. Why are so few houses being built? The number of new homes completed in England in 2010 fell to its lowest level since 1923. Just 102,570 properties were built in 2010. Number of housing starts
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Geoff Riley Eton College Before the global financial crisis engulfed the mortgage-lending sector and hit directly demand for new homes as recession took a grip on the economy, on average between 40 and 50,000 new homes were being started. See how sharply this figure declined in the second half of 2008 before a gentle recovery began. But now, more than a year after the “official” end of the recession, house-building remains in the doldrums. In addition a new report from Oxford Economics on behalf of the National
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This note was uploaded on 02/08/2012 for the course ECO 51844 taught by Professor Sabet during the Spring '11 term at FIU.

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77-0911-housing - Geoff Riley Eton College September 2011...

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