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OFT launches UK housebuilding study

The Office of Fair Trading (OFT) has launched an investigation into the UK housebuilding market.
The study will look at potential competition and consumer concerns, particularly the delivery of housing and customer satisfaction.The study will look specifically at whether land for development is brought effectively to planningapproval stage; and whether land with planning permission is converted effectively into homes.The OFT decided to investigate the supply of houses following the publication of the Barker Review in2004.John Fingleton, OFT Chief Executive said, 'This is the first in depth examination of competition and consumerissues in new house-building. This is a hugely important market for the economy because of its substantial economic impact and because unresponsive housing supply hinders labour mobility, constrains economic growth, and harms consumers.'Furthermore, for individual house buyers, even low levels of dissatisfaction can translate into very high detriment. The study will examine how regulation and competition in the market might work better for both the economy and individual house buyers,' he said.

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