The value of new private housing projects for the first three months of 2011 plummeted by 61% against the year before, a new report by survey by construction information firm Glenigan has said.
Overall, the Glenigan Index showed a decline of 31% through the construction sector as a whole, which the company attributed to reduced government investment and a lack of house building. Social housing was particularly hit hard, falling by 50% from ?1.5 billion in the first three months of 2010 to ?736 million in the first quarter of 2011.
?The weak first quarter of 2011 is in sharp contrast to the strong rebound experienced a year ago in the run-up to the general election,? said Glenigan economist James Abraham, before adding that the figures indicate that developers are continuing to build out existing schemes but are opening up fewer new sites.
However, he went on to say that house building activity is expected to gradually improve over the course of the year, possibly helped by new government incentives, although market conditions will remain fragile.
?Against this background, the Budget announcement of the ?250 million First Buy programme and favorable changes to the way Stamp Duty is charged on large developments will hopefully help lift developer?s confidence and the flow of new project starts over the coming months.?
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Source: http://www.acceptarticles.com/2011/05/16/new-housing-drops-in-first-quarter/
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