Construction Crisis

With repossessions up and property prices plummeting, conditions for house builders are tough. Over the past decade construction has been one of the big growth areas in Wales - but not any more. So what future is there for the thousands of people who work in building in Wales?

Wales@work, Tuesday 21 October, 6.30 PM
Available for seven days after broadcast on BBC iPlayer.

House prices in the UK are falling at their quickest since the early 90s and Wales is showing the biggest slump.

Land Registry figures reveal Wales is the only part of the UK to have seen double digit annual falls of 10.7%.

One of Wales biggest house builders David McLean has gone into administration facing £100m debts and job losses are being announced daily in the building trade.

Mortgage approvals are 57 per cent down on the same time last year, with only 23,422 being approved in September.

And with the credit crunch taking a firm hold on all of our finances will we be able to afford these mortgages if they do get approved?

So what can the Welsh construction industry do to ride this housing storm?

What long term implications will this have on our unemployment figures and the economic stability of the country?

Is this just the start or is there light at the end of the tunnel?