Housing market looks shaky

Published:  07 October, 2010

UK: The very foundations of the country’s housing market are looking decidedly embattled as housebuliding faces a new slump.

According to the latest survey from the Chartered Institute of Purchasing and Supply (CIPS), the sector is contracting.

Building society Nationwide said UK house prices fell 1% in the three months to September. In Scotland losses were of 3.4% and 2% in the North West of England.

Housebuilders are being squeezed by an economy that is barely out of the recession. The coalition Government’s local planning scheme also poses a threat to thousands of housing projects.

The CIPS survey also noted that jobs were being lost across the construction sector at the fastest rate since March.

However, activity across the building industry as a whole picked up slightly, fuelled by a strong civil engineering market which posted its strongest monthly figures since February 2008.

A lot of this was attributed to major construction projects such as the Olympic Park and projects ordered by the previous government.

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