House building at lowest level since 1957

6 October 2008

The building industry is on track to have its worst year since 1957, the Telegraph reports.

With lenders more reluctant to grant mortgages, demand for new properties has shrunk, placing great strain on the building industry.

“The building industry may be directly affected by the mortgage market’s problems,” said a spokesperson for debt management company Gregory Pennington, “but there’s a clear knock-on effect on other businesses.

“From removals firms to furniture manufacturers and interior designers, all kinds of companies are struggling to cope with reduced demand for their services at the moment.

“Clearly, that translates into lower incomes for many households across the country, and that means many borrowers are particularly likely to need help managing their debts – the monthly debt repayments that were relatively easy to make last year may now pose a real challenge.

“There are, however, debt solutions that could help, such as debt management. As a debt management company, we negotiate with our clients’ creditors on their behalf, asking them to agree to accept lower monthly payments and discussing other ideas which could help our clients repay their debt at a rate they can afford in tough times like these.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).