BGN Entrepreneur

As falling house prices and dwindling numbers of buyers hit construction firms, a new report shows that the business of Home-building in the UK has fallen to a 84-year low.
It is the lowest figure of housing starts during peace time ever since 1924. There are fears that house-building could grind to a virtual halt in the new year as more house-builders stop work. Several large construction groups have postponed starting new projects as they try to drum up buyers for the existing completed homes.
According to Halifax’s figures, the house prices have fallen by 18% since the market peaked in last summer. It’s predicted that the property prices could fall by a total of 30%.
Only in this year, the construction companies have laid off tens of thousands of workers, and are forecast to cut more jobs in the next year due to the continuing slump in the housing market.

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