27 Aug

House-building slowdown has 'run its course'

House-building slowdown has 'run its course'

The dramatic scaling back in house-building activity since the onset of the credit crunch has probably run its course, according to one property expert.

Brigid O'Leary, a senior economist at the Royal Institution of Chartered Surveyors, which has approximately 100,000 qualified members, said that the increased government funding for Registered Social Landlords is clearly having a significant impact on building activity.

Her comments follow the publication of data from Communities and Local Government earlier this week, which showed that both housing starts and completions in the second quarter of 2009 were higher than in the first quarter, by 63 per cent and 24 per cent respectively - although housing starts remained nine per cent lower than the same period last year.

"It was encouraging to note that housing completions rose to 39,320, the highest level since the first quarter of 2008 and above the average quarterly completions rate [37,300] since 1997," said Ms O'Leary.

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