Housebuilding gathers momentum in September

Reports that housebuilding 'rose at the strongest pace in a year' last month feature in today's newspaper round-up.

The Telegraph reports that housebuilding rose at the strongest pace in a year during September in a "decisive momentum shift" that helped to push construction output to a seven-month high, according to data firm Markit's latest survey of the sector. The paper says the survey "showed output rose at a robust pace last month, following several months of slower growth".

The Guardian reports that the economic gap between London and other major cities "will widen significantly in the next ten years, undermining the chancellor’s push to create a ‘northern powerhouse’, according to a report". The paper says that "London’s economy is forecast to grow 27% by 2025 – almost twice the combined rate of growth in northern English cities, the report by law firm Irwin Mitchell and the Centre for Economics & Business Research (CEBR) found".

The Observer reports that Prime Minister David Cameron’s bid to extend the Right to Buy to people in housing association homes has "been branded unworkable by the Tory-led body representing councils across the country". The paper says that the Local Government Association (LGA) "will today publish the first independent review of the controversial policy, which finds that the policy will cost councils £6 billion over the next four years, at a time of huge cuts in funding for local authorities".

The Guardian’s economics editor Larry Elliott says that chancellor George Osborne’s "housing-based revival stands on flawed foundations". Elliott says that policy initiatives prior to May’s election "worked wonders" for the domestic property market: "Within months, sales of property were going up, fears of recession were banished, the Labour party was wrong-footed and Osborne never looked back." But he adds: "This victory, though, has come at a cost: the risk that an overstimulated housing market will eventually crash and bring the rest of the economy down with it. The preconditions for another boom-bust are already in place."

The Sunday Times (subscription) reports that ministers have been warned that "diesel vehicles may have to be banned from 30 towns and cities to ensure Britain can meet air pollution targets". According to the paper, "officials say the motor industry’s failure to make vehicles that comply with emission rules means that most urban areas will breach EU pollution limits for years unless diesels are kept out". 

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