Magazine article Public Finance

Home Building Target 'Adrift'

Magazine article Public Finance

Home Building Target 'Adrift'

Article excerpt

Surveyors have dealt another blow to the government s housing targets after reporting the worst-ever quarterly results for house building.

By the end of September, just 66,220 homes had been built in 2008. With fewer than 25,000 likely to be completed during the final quarter, the total will fall well below 100,000, said the Royal Institution of Chartered Surveyors.

The RICS's latest quarterly survey shows the worst set of results since it began analysing the market on a three-monthly basis in 1994. Housebuilding by public sector bodies fell for the first time since 2001.

To reach its target of 2 million new homes by 2016 and 3 million by 2020, the government requires more than 200,000 homes to be built annually. RICS senior economist Oliver Gilmartin said it was likely to fall 'well short' of the 2016 target. …

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