Bad news for housing industry in the UK

More hard times for the UK housing industry have been predicted, as the chairman of the British Home Builders Federation warned that thousands of jobs could be put at risk by the slowdown in sales.

Stewart Basely of the British Home Builders Federation claimed that recent problems in the housing industry are escalating, and that this could have serious knock-on effects on the UK economy as a whole.

Basely said: “The slowdown last autumn was miniscule compared to what we’re seeing now – since the start of April the market has fallen off a cliff and trade has almost stopped.

“The implications for the economy are dire. Tens of thousands of jobs are at risk as the potentially massive lay-offs amongst home builders start to filter through.”

Last week, the Council of Mortgage Lenders predicted a 7% fall in house prices in 2008. The group had previously expected a 1% rise.

However, some areas in the UK are still experiencing house price rises.

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