"However building activity is in sharp decline. UK homes completed in September, October and November 2008, totalled 31,104 compared to 46,671 in the previous year. For the 12 months to the end of April 2009, the National House-Building Council expects the industry to have begun no more than 80,000 homes, compared to the 184,000 begun in the year ended April 2008.
"Prospects for later in 2009 are no better. Between November and January 2009 the NHBC received 7768 private sector applications to start building. This compares to 30,631 applications in the same three months a year earlier.
"Generally, the number of homes available for sale continues to fall as fewer people are deciding to sell, either staying put or opting to rent. As a result the stock of homes for sale has fallen by around a quarter from a year ago."
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There is NO shortage of housing, either to buy or to rent. Economic migrants have gone home because of the state of our economy. People are desperately trying to sell and failing, so resorting to renting, with little better success. There are empty new developments all over the country. Councils are sitting on empty housing. Builders are not building because they are not stupid: they cannot sell the stock they already have.
The housing market has changed shape, probably forever. People are going back to regarding houses as places to live rather than investments. The imposition of HIPS has made all but the very serious potential vendor think twice before putting their home on the market. It all looks more like the market of 25 or more years ago. Thank God: we needed a return to sanity, and low property inflation. But now we have it, people like this are bitching about it. Tough! Find another job in another business, and stop trying to influence the market with your meaningless hype, for your own gain.
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