9 Jul

FMB: House building industry is past the worst

FMB: House building industry is past the worst

There has been good news for the property market as it has been claimed that the new house building industry is on its way to recovery.

According to the Federation of Master Builders (FMB), over the past 12 months there has been a decline in construction figures.

However, the organisation admits that while the situation has not been ideal, the "lowest point of the 'U'" has been reached.

Now, the industry is ready to recover and as long as initiatives can be brought forward, confidence in the sector will improve.

Richard Diment, director general at the FMB, remained optimistic, but cautious.

He said that "there is going to need to be a lot of growth to get it back to the sort of levels that new house building was at 12 months ago".

House builder Persimmon recently announced that moving into the second half of 2009, forward sales revenue stood at £700 million, compared to £650 million at the same period last year.

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