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Construction recovery 'fundamental' for housing market
Construction recovery is vital for the housing market and getting the "country back on its feet", one housing professional has said.
Brian Berry, director of external affairs at the Federation of Master Builders (FMB), stressed: "Until the housing market picks up, people aren't going to have the confidence because most of their investment is in their homes.
"People are very reluctant to spend and move and that slows down the whole economic recovery."
However, construction activity is falling, figures from the Office for National Statistics show. Output fell 4.7 per cent in the first quarter of the year, in addition to a 2.3 per cent decrease in the previous quarter.
Mr Berry explained that there needs to be greater confidence to encourage investment once more, "but it is difficult in the current market because of the government cutbacks that we have seen and job insecurity with people worried about losing their jobs".
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Brian Berry, director of external affairs at the Federation of Master Builders (FMB), stressed: "Until the housing market picks up, people aren't going to have the confidence because most of their investment is in their homes.
"People are very reluctant to spend and move and that slows down the whole economic recovery."
However, construction activity is falling, figures from the Office for National Statistics show. Output fell 4.7 per cent in the first quarter of the year, in addition to a 2.3 per cent decrease in the previous quarter.
Mr Berry explained that there needs to be greater confidence to encourage investment once more, "but it is difficult in the current market because of the government cutbacks that we have seen and job insecurity with people worried about losing their jobs".
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Published: 03/05/2011
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