Property developers have plans to build just 40,000 new homes next year, half the level of new building prior to the start of the crisis in 2008, sector association Neprom said on Friday.

This year, 50,000 new homes will come on the market.
Fewer new homes are being built because of restrictions on mortgage tax relief for first-time buyers which will come into effect in January, Neprom said. These will make it more expensive for people to get a foot on the housing ladder.