ANOTHER drop in residential property prices is predicted in the New Year due to the Government's "failure" to address problems in the construction industry.
THE Construction Industry Federation ( CIF) has criticised the Government for failing to include measures to stimulate the struggling sector in the Budget.
It expressed disappointment that the Government had failed to address black-economy issues, the lack of a reduction in construction VAT and the failure to extend mortgage interest relief.
"The Government has failed to bring forward any major initiatives that will help encourage construction activity," CIF director general Tom Parlon said.
Meanwhile, the CIF welcomed the introduction of Real Estate Investment Trusts (REITs) which, it says, will allow more investment in the commercial property market and provide an alternative source of finance.