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  1. #1
    Join Date
    Jul 2003
    Kapiti in New Zealand

    Default UK houses miss out on boom

    Hello all,



    LONDON - Britain's construction industry grew at its fastest pace in over a year in August, boosted by a jump in new orders.

    But the Chartered Institute for Purchasing and Supply/NTC Research survey said growth in house building slowed, in a further sign the once-booming housing market is running out of steam.

    CIPS/NTC said its seasonally adjusted index for construction rose to 57.4 in August - the highest since April 2004 - from 54.7 in July.

    A reading above 50 denotes expansion, while one below 50 represents contraction.

    Total new orders rose at their fastest pace since November 2004, to 59.1 in August from 56.0 in July.

    CIPS said expansion was driven by strong growth in commercial activity, while the housing and civil engineering sectors put in a weaker performance.

    "Total new order books remained in a healthy state ... strong demand was attributed to high confidence at clients over economic prospects," CIPS said in a report.
    The commercial activity index climbed to 62.0 in August from 55.4 in July - the fastest rate of growth since December 2004.

    The housing activity index fell to 50.8 in August from 53.8 in July, its weakest since May.

    The data comes after the Nationwide Building Society said house prices fell 0.2 per cent in August from the previous month, taking the annual rate of house price growth down to 2.3 per cent - its lowest since May 1996.

    It also follows figures from the Bank of England showing mortgage lending rose by the lowest amount in three years in July.

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