The worth of recent housing developments on which building work started was down by 27% in June in comparison with a yr earlier, in response to the newest index from Glenigan.
However, on a quarterly foundation there was a modest enchancment, with the worth of recent housing begins up by 6% on the earlier three months.
The findings come as a buying and selling replace from Barratt Developments immediately revealed a slowdown in housing completions.
Glenigan economist, Drilon Baca, says: “The election had a substantial impact on business behaviour, leading to a project-start slowdown as corporations took a ‘wait and see’ method.
“Looking ahead, the brand new authorities’s determination to quickly seek the advice of on reforms to the National Planning Policy Framework has unlocked alternatives for the constructed atmosphere.
“The re-introduction of obligatory housing targets ought to assist to ease the backlog of main housing websites, offering a lift to the business.”
