Countryside Properties places apartment development on hold

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by Lin Freestone

Following the decision by Countryside Properties to cut in half its development programme in the north of the country, the company is to place on hold its plans to build 600 apartments in Preston.

No start date has been set for the development of the city centre apartments.

In light of the current market conditions, even a developer as big as Countryside Properties, has to carefully consider each project and the company is reviewing its entire property portfolio.

The company has reported that its house starts across the whole country would fall by up to 1,000 in 2007/08 to about 2,000, due to the effects of the credit crunch.