Credit crunch bites as new house building in Wirral drops 70%

Jan 13 2010 by Lorna Hughes, Birkenhead News

BUILDING of new houses in Wirral has collapsed during the economic downturn, council figures reveal.

Latest indications suggest the number of new build homes will have fallen 70% by the end of the current financial year, putting added pressure on the council to meet government targets for new homes.

Estate agent Paul Lea, of Bradshaw, Farnham and Lea, said he was not surprised, but said the figures could help the housing market.

He said: “If they build them at the moment, they are not going to sell them easily.

But the fact that fewer homes are being built is probably a good thing – it’s supply and demand.

“In some ways fewer new houses does us a favour because it means people are more likely to buy second-hand homes because the new builds are not there.”

Wirral’s housing plan is now being revised to take account of the economic downturn.