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Housing recovery slows down

12 Jul 10 The resurgence in the housing construction market is threatening to peter out, according to new data from Glenigan

The resurgence in the housing construction market is threatening to peter out, according to new data from Glenigan

It's monthly index of new construction starts, shows the value of social housing construction projects beginning on site down by 40% in the second quarter of 2010, compared to the same period a year ago.

In private housing, the value of starts on site is down by 2% on the same quarter in 2009, with the overall residential index 20% lower.

"Whilst social housing starts are likely to remain under pressure over the coming months, a renewed recovery in private housing starts is anticipated at the end of the year as house builders capitalise on gradually improving market conditions," said Allan Wilen, economics director at Glenigan.

"Poor household earnings growth and rising unemployment, combined with limited mortgage availability are expected to restrict the pace of recovery in new house sales and project starts during the remainder of 2010," said Wilen.

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