Housebuilders report rise in confidence

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The Independent Online

The modest revival in the property market has fed through to a rise in housebuilding activity. A survey of business sentiment in the construction sector by the Chartered Institute for Purchasing and Supply and Markit shows housebuilding expanded for its eighth month running in April, and at its fastest rate since August 2008.

Overall, the construction activity index rose to a 31-month high of 58.2, up from 53.1 in March. Any reading above 50 indicates expansion. The building trades survey, covering about 6 per cent of GDP, adds to Tuesday's manufacturing survey to suggest that growth in this quarter may be comparatively brisk. However, jobs are still being shed in the building trade.