10 Apr

Household demand dropping, but more homes needed

Household demand dropping, but more homes needed

The number of new homes that it is predicted will be needed in England across the next few years has been reduced, but the government has said this should not deter firms from building at the current time.

Westminster has recently looked to put more into the construction industry, with the chancellor George Osborne using his Budget to announce Help to Buy and buy-to-let extensions that will help to improve the sector.

However, according to the Royal Institute of Chartered Surveyors (Rics), the volume of homes needed will be less than thought. It was thought that 245,000 new households would be created between 2011 and 2021, but this has been revised downwards by 4,900.

"Although these numbers indicate that the demand for new housing supply is likely to be rather less than was previously anticipated, it is still way above the current level of development with new housing starts in England presently running at an annual rate of around 100,000," said Simon Rubinsohn, chief economist of Rics.ADNFCR-1222-ID-801569442-ADNFCR

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