The pent-up demand for housing serves to underline that this downturn is more like the credit squeeze of the mid-1970s, than the recession of the early 1990s.
It’s principally a confidence thing.
However, the recent surge in purchases by first-home buyers confirms that with the encouragement of low interest rates and government hand-outs … the buyers will play their part.
More importantly, the flow-on effect throughout the construction industry will give our economy a much needed lift.