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RICS: Housing to fall short of targets
25 January, 2008
The Royal Institute of Chartered Surveyors (RICS) believes that the construction of new homes could already be falling short of the government's projected targets.
The impact of a slowing market has hit the construction firms charged with meeting governmental housing deadlines, after workloads tailed off in the last quarter of 2007.
RICS Construction Market Survey found that 16 percent more Chartered Surveyors reported a rise than a fall in the fourth quarter, down from 17 percent in quarter three.
Indeed a gloomy outlook pervades the market with surveyors continuing to expect below average profit margins and new housing enquiries growing at the slowest pace since 2006.
However, skill shortages remain low as the industry continues to employ labour from EU accession countries.
RICS senior economist David Stubbs said: “A slowing housing and commercial property market, following the credit crunch and the Northern Rock turmoil have started to hit the construction sector.
"Current financial instability is rocking market sentiment and may see the industry enter a period of uncertainty.
"Doubts are likely to intensify over the ability of the Government to meet its ambitious house building targets. Indeed, it is worth noting that new housing starts have already begun to stagnate in recent quarters.”