Private Housing
- Published: 08 September 2008 12:19
- Last Updated: 09 September 2008 15:34
Private housing is clearly facing an increasingly tough outlook.
Planning approvals have continued to fall in recent months, down 22 per cent this year compared to last, indicating that the sector is still some way from its nadir.
Glenigan estimates the value of work starting on site will be 9 per cent lower in 2008. Much of the pain will be felt in the last five months of the year, with construction starts sharply lower in the next few months.
The credit crunch's impact has, so far, been felt unevenly across the UK. Scotland, the South-west and the North-west have had positive growth in the value of construction starts.
Looking forward, most parts of the UK will be impacted by the deteriorating economic conditions. Double digit declines in planning approvals have been experienced in all regions except Northern Ireland.
The precipitous decline in new projects will inevitably impact the sector's output and employment prospects for 2009.
