HBF says that 200,000 new properties were built in the UK last year

Around 200,000 new properties were built in the UK last year, according to figures from the Home Builders Federation (HBF).

A spokesperson from the HBF said that, despite the encouraging figures, the number of new homes built this year would be "significantly lower".

"How long it takes to get back up to 200,000 or even 240,000 is entirely dependent on how long the current climate continues and what action the government takes to address the current climate," he said.

The spokesperson added that, in order for the number of new homes built to increase, the government should allocate more funding from the Housing Corporation's budget, which would enable them to buy off empty homes so that building sites can start work.

The HBF has called on the government to take action by outlining changes in its pre-budget report next week, in the hope that the UK property market can start to move in the right direction.

According to the October 2008 Royal Institute of Chartered Surveyors' (RICS) residential lettings survey, the fall in house prices coupled with fewer details being made available on the mortgage market has caused potential buyers to turn to the rental market.

UK Property News posted on 20/11/2008 16:54:15