Housebuilding soars at 'fastest rate in over a decade'

Housebuilding in Britain is increasing at the fastest rate in more than a decade amid soaring demand for property, according to a professional body. The Chartered Institute of Purchasing and Supply said that during the month of July the construction industry had one of its best performances since before the recession.

The Times reported that the institute said residential building rose at the fastest pace since November 2003 because of “favourable funding conditions and strong demand for new housing starts”.