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Builders 'try to support demand'
20 Nov 2008
Builders are cutting back on supply in order to support market demand, it has been claimed.
The Home Builders Federation (HBF) maintained that despite redundancies in the house building sector, builders are still trying to keep up with housing demand.
A spokesman for the HBF explained this is because: "House builders have been hit by the current economic downturn because people can't get mortgages to buy the houses they want to buy".
The October 2008 National House-Building Council's statistics reported that the number of applications from builders to start work on new homes in the country fell by more than half during the third quarter of 2008.
It noted that 23,185 applications were received compared to the 50,250 during the same period last year.
According to the October 2008 Royal Institute of Chartered Surveyors' residential lettings survey Great Britain, growth in tenant demand was stronger for houses than it was for flats during the month.
