The number of new homes under construction in the UK rose 63 percent in the second quarter of 2009, according to the Department for Communities and Local Government (CLG). The department indicated that 29,980 new homes were begun during the three month period, a significant rise over the first quarter but still 9 percent lower than the second quarter of 2008.
While that rate is a nice boost from the first quarter, it is still well below the government’s target of 240,000 new homes per year. A CLG spokesperson noted that “Despite the economic pressures on them, construction companies and developers are working hard to keep the industry moving and these figures are evidence of that.”
The CLG also announced that it is making and additional £1.5 billion investment in affordable housing to construct 20,000 new affordable homes as well as another 10,000 market properties.
John Stewart of the Homes Builders Federations said that “Whilst the rises in housing starts and completions are encouraging, if any recover is to be sustainable we will need to see the banks return to more sensible levels of mortgage lending so that people realize their ambitions of home ownership.”
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