20 May

New house building data 'may be good news for property seekers'

New house building data 'may be good news for property seekers'

People looking to get a new home may welcome data provided by Department for Communities and Local Government.

The organisation revealed that over the first three months of this year, there were 24,930 seasonally adjusted house building starts in England.

This was an increase of 13 per cent compared with the previous quarter, it noted.

Responding to the statistics, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), said they are consistent with the better tone evident in the last construction survey it conducted.

He remarked: "RICS expects housing starts over the course of 2010 to total around 120,000." This is "some way above" the total from last year of 80,000, he noted.

However, for the sector to be boosted further, more finance in the form of mortgages must be provided to consumers, Mr Rubinsohn claimed.

Also, home builders could benefit from a greater level of credit, the expert added.
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