Surveys cast shadow over house pricesa

first_img whatsapp Surveys cast shadow over house pricesa HOUSE prices fell much faster than expected last month and construction activity slowed, industry surveys showed yesterday, reinforcing concerns that economic growth will fall off sharply.The strongest quarterly construction growth for decades pushed British economic growth to a nine-year high of 1.2 per cent in the second quarter, but the Markit/CIPS purchasing managers’ index (PMI) suggests this is slowing rapidly — driven partly by weaker house prices.House prices dropped a bigger-than-expected 0.9 per cent in August after a 0.5 per cent decline in July, the sharpest fall since February, according to the monthly survey from mortgage lender Nationwide.July and August marked the first two consecutive monthly house price falls since the decline in British house prices levelled off in February 2009, and the annual rate of house price growth slowed to 3.9 per cent from 6.6 per cent, well below forecast.“As fears of a double dip in the housing market take hold, builders will likely feel less urgency to begin new developments,” said Nomura UK economist Philip Rush.A fall in the rate of new home building pushed the PMI down to a six-month low of 52.1 in August from 54.1 in July.This was a sharper slowdown than economists had expected since the boost to second quarter output from projects that had been delayed because of icy winter weather faded away.CIPS chief executive David Noble said: “The most disturbing is the marked slowdown in the residential sector as this is where much of the recent sector growth has come from. The slight increase in public-sector activity disguises continuing uncertainty about the scale of spending cuts which we have yet to experience.” Show Comments ▼ Thursday 2 September 2010 8:40 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldcenter_img whatsapp KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Share Tags: NULLlast_img

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