In September 2015, the government announced its aim for a million new homes to be built in England by 2020, This pledge was at the heart of the government's Housing and Planning Bill. And then in June the country voted to leave the EU, Developments in London were already being put on ice in the run-up to the referendum, Activity levels have now slumped by two-thirds this year and housebuilders recorded one of the worst monthly performances on record in June. Since the vote, around £8bn has been wiped off the combined value of the country's four biggest housebuilders, The brakes will be applied to the UK construction industry until confidence recovers.
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