Sunday, February 24, 2008
Housebuilding collapsing in front of our eyes
Housing starts were 39% lower at the start of 2008 than the previous year, figures obtained exclusively by Building have revealed. This news comes on the back of Kleinwort Dresdner's advice suggesting "It's payback time for builders" as they issued investment advice to all their institutional investment clients to 'dump' housebuilder stocks without delay. Research by the NHBC showed that there were 9,135 construction starts in January 2008, compared with 14,998 in the first month of 2007. The average number of new homes sold a day dropped to 550, 36% lower than the year before.