UK R.E. down about 20%

New research has found that the value of UK residential construction starts was 31 per cent lower in the three months to May than a year previous, highlighting the struggling position of the country's housing recovery.
Private housing project starts were down 32 per cent while social housing projects fell 28 per cent for the reported period.
The north-east and south-east of England suffered 76 per cent and 42 per cent declines respectively for private housing development starts. London, meanwhile, avoided any declines in private housing project starts, reflecting the strength of the wider housing market in the capital.
House prices and mortgage approvals are expected to remain weak near term.

Prices have fallen back by an average of 20% since the economic downturn.