New home demand falls

Brexit uncertainty has led to a steep drop in the demand for new homes, according to the Federation of Master Builders. Research from the FMB has revealed that consumer demand for new homes has fallen 8% over the last year to a six-year low. Small house building firms said current buyer demand is at 2.9 out of 5, down from 3.14 last year, and is expected to fall further to 2.75 next year. Almost half of small developers attributed the slump to a lack of consumer confidence. “Many prospective homeowners are clearly holding off buying until there is more political and economic certainty,” said FMB chief executive Brian Berry, continuing to say that he hoped the lull would be short-term and things would “pick up” after Brexit.

City AM (09/10/2019)