The UK housing market is getting a new member. Skanska AB, the Swedish construction company which has several commercial structures across the UK under its belt, is planning for its 1^st project in 2011. The current goal of the company is to be building around 800 homes per year by 2015.

Skanska commented on the timeliness of its entrance into the housing ring, saying: "The financial crisis and the dramatic decline in the housing market have now created excellent opportunities for entry as a residential developer."

The company expects sales of their homes to truly begin in the year 2012.

Magnus Andersson, head of the UK residential market campaign, gave further basis for entering the UK market at this time, saying: "I think it's a good time for Skanska to come to the market because land prices are low and house prices are low."

Even though there is extreme shortage of housing in the UK, the question remains the same. Are economic conditions fertile enough to support a new residential builder at this time? Two well-known developers of UK property declined to comment on the arrival of Skanska.

The Home Builders’ Federation welcomed Skanska into the country, saying: "We welcome new entrants to the market to help tackle the country’s significant housing shortage."

Skanska boasts more than 50 years experience building houses. It is a major player in the Nordic region and also develops property in the Czech Republic and Slovakia. The company has also recently announced its plans to enter the Polish region.

The area around London will be the initial focus for Skanska. The company will target land masses which can accommodate between 100 and 200 units. The developments will include everything from apartments to terraced homes.