Global timber shortage increases house prices
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READING:
A global timber shortage is causing problems for the housing industry. It has caused a sharp rise in the price of new houses. In some countries, the price of timber has gone up by 25 per cent. One reason for this is because people have been reforming their homes during lockdown. DIY stores say home projects have created "extraordinary demand". They said suppliers were "working around the clock" but are "struggling to keep up".
A major reason for the timber shortage is climate change. In addition, an increase in wildfires is destroying forests. Many have been completely burnt to the ground. The warmer weather has also increased the number of pests that damage or kill trees. Sweden is a major supplier of timber wood. It has its lowest timber stocks for 20 years. The UK is "committed to trebling tree planting rates". A builder joked that he didn't have time for those trees to grow.
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