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UK house building slumps to lowest level since 1953

The number of new homes being built in the UK slumped to its lowest level since 1953 according to statistics released today. There were just over 18,000 housing starts in the first three months of 2009 and while it was up 13% on the previous quarter it was down a massive 44% on the same period one year ago. However it is the near 50% reduction over the last 12 months which has caught the eye of many economists and analysts, suggesting that the UK housing market is still struggling.

While house builders have suffered severely during the recent economic downturn there had been signs that the sector was about to turn the corner although these have been severely dented with today's news. The truth is that as the economy struggles, unemployment rises and consumers struggle to cover their everyday living costs, interest in the UK housing market has all but disappeared. While this will return in due course there are concerns that UK property prices could fall further before a significant bounce materialises.

The reduction in the number of new homes suggests that more and more people are sharing homes, renting homes or remaining with their parents. However, recent news also suggested that the buy to let market was under significant pressure as well.

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