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Shortage of new builds to underpin UK house prices

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by Gill Montia

Housebuilder, Taylor Wimpey, has declared that the underlying shortfall of new build housing and strong levels of demand will continue to underpin UK house prices.

The developer is wary of the “ongoing political and economic uncertainty” and warns that a shortage of building land will “artificially constrain” the recovery in new house building, in the medium term.

In addition, problems for developers could be “exacerbated” by changes in planning policy following the General Election, and future spending reviews that could impact on housing initiatives.

More positively, the group reported that private sales rates for 2010 to date remain broadly in line with those achieved in the first half of 2009.

Furthermore, the company’s order book remains strong and cancellation rates are at historic low levels, with the year to date average running at 16% (H1 2009: 19%).

Taylor Wimpey expects to complete around 4,650 homes across the UK in the first half of 2010, compared with 4,702 in the same period of 2009.

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News posted: June 30, 2010

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