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		</div><p>Anyone fearing a Brexit- induced house-market crash in the UK would do well to remember one simple fact: The country isn’t even close to keeping up with demand for new homes.</p>
<p>While a sharp drop in their shares during the week showed that homebuilders aren’t immune to uncertainty over the UK’s economic future, figures released the same day may be more important.</p>
<p>They show that construction continues to lag behind the UK government’s targets, suggesting that a failure to meet demand will buoy the market for some time to come.</p>
<p>UK homebuilders edged lower yesterday.</p>
<p>The three of the biggest companies in the British industry — Persimmon, Taylor Wimpey, and Barratt Developments — had all fallen by more than 7% on the previous day.</p>
<p>The shares are still trading, however, above the lows reached in 2016.</p>
<p>“We can’t ignore there are some headwinds caused by the uncertainty surrounding Brexit,” said Grainne Gilmore, head of residential research at broker Knight Frank.</p>
<p>However, “the mismatch between supply and demand in many parts of the country — particularly in urban areas — will continue to be one of the factors underpinning home prices in the UK,” she said.</p>
<p>Limited access to land, increasing construction costs, and a slow planning process mean that homebuilders have failed to deliver enough properties for at least a decade.</p>
<p>To address the problem, the British government last year announced an annual target of 300,000 homes.</p>
<p>Yet neither developers nor organisations such as the Royal Institution of Chartered Surveyors believe that’s achievable.</p>
<p>So far, they’ve been proved right.</p>
<p>During the week, the UK Housing Ministry reported annual delivery of 222,190 net additions to the UK’s stock of homes during the 12 months through April.</p>
<p>That’s only a slight improvement on the previous year.</p>
<p>The problem is especially acute in London, where net additions fell about 20% from a year ago to 31,723 units, less than half the 65,000 units pledged by mayor Sadiq Khan in his effort to convince voters he could solve the city’s chronic housing shortage.</p>
<p>Home prices in the capital have risen by almost two thirds over the past decade, according to data from the UK Office for National Statistics.</p>
<p>The average rent, meanwhile, stands at £1,619 (€1,839), compared with an average of £768 (€872) in the rest of the UK.</p>
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