The number of homes being built in England is at its lowest since the mid 90’s, the number of homes being built has fallen by 15% over the past two years to 156,000. For ministers to hit their targets by 2020 a whopping 240,000 have to be build every year, based on this years home build rate the Government will miss their target by 1 million homes.
New home builders are worried that homes will remain unsold, the real drop in demand is being driven by a major shortage of competitive mortgage deals. The biggest fall in property development has been in the North West and London where house builds have dropped by around 30%. Industry experts are warning that up to 100,000 jobs could go, this week alone 5,000 job cuts were announced, even this figure under estimates the impact due to the high number of casual workers in the construction sector.
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