FEWER new homes are being built than at any time in the last 15 years, it emerged yesterday.

Figures from the Royal Institution of Chartered Surveyors reveal under 25,000 will be completed between now and Christmas.

Next year is tipped to see barely 100,000 built — HALF the Government’s target.

The institution’s senior economist Oliver Gilmartin blamed the credit crunch.

He warned: “The outlook for the construction industry is extremely bleak.”