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Private and social housing projects lowest since 1945

Submitted by: MikeC (Admin) on 17-Jun-08 12:21:16 PM

When the Government pledged to alleviate the nation's housing shortage by setting a target of 2 million new homes by 2016, people might have viewed a new career as an On-Construction Domestic Energy Assessor (OCDEA) as a fertile pasture less prone to the oversupply issues bedeviling Domestic Energy Assessors (DEAs) because of the higher entry requirements.

Today's newsblast will not be welcome, therefore.

Private-sector new-builds and social housing projects would total just 147,000 dwellings this year – a 27 per cent decline on 2007 and the lowest figure since 1945, the Construction Products Association (CPA) said.

Building of new homes at its slowest since 1945 - Business News, Business - The Independent

That is one of the more optimistic figures predicted over the past week; one number touted last week was as low as 70,000 new homes this year.

Govt. is seeking to ramp up to 240,000 new homes a year by 2016.

Inflation hits 3.3%

Today's inflation figure of 3.3% has forced the Bank of England's Governor, Mervyn King, to warn that inflation could top 4% before the year is out.

It's easy to say from the armchair but I felt last month's decision to keep interest rates on hold was a mistake. I don't expect it will be repeated this month so brace yourself.

7% house price decline predicts CML

All this comes on top of yesterday's latest prediction from The Council of Mortgage Lenders (CML) which now expects house prices to fall by 7 per cent this year.

And despite a pledge by Saudi Arabia to boost oil production next month by 200,000 barrels/day, the price of it edged above another new record yesterday to a touch under $140/barrel.

Run away, if you can.

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