The HBF survey for June shows an improvement in the balance of home builders reporting declining prices and slower growth in the use of sales incentives. While builders still report fewer reservations than a year ago, there was an improvement in this balance in June from May, while the number of site visitors was little changed compared from May. The industry remains reasonably optimistic for the year ahead. A positive balance expect to build more homes in 2005 than were built in 2004 and prices are expected to be stable over the next 12 months. Stocks and work in progress are regarded as above adequate to meeting expected demand. Planning delays remain the most significant constraint on production, with land prices and availability also holding back output. However, there has been an improvement in labour availability. on the demand side, buyer confidence is the most significant constraint. Tables and graph. [Taken from journal key findings.]