Leap in housing orders builds hopes for UK economy boost
Friday 13 September 2013
A £4 billion boost in new housing today sparked hopes that Britain’s builders will be able to keep pace with a surge in demand for new homes and boost the wider economy.
Big rises in orders for both public and private new housing between April and June enabled overall housing orders to record their fastest growth – 19.4% – since the autumn of 2010. In volume terms the £4 billion in orders placed is the highest since the end of 2007, according to the Office for National Statistics.
More recent figures for July showed 2.2% output growth for the industry compared with June. This was higher than City expectations and raises hopes of even stronger growth for the wider economy between July and September.
More timely survey data for August showed the fastest pace of growth for the industry in nearly six years.
The data will be welcomed by Chancellor George Osborne, who has drawn fire for fuelling house-price rises through initiatives like Help to Buy while not doing enough to spur new home-building. Overall construction orders were up 19.8% quarter-on-quarter and 32.8% year-on-year between April and June, the figures showed.
IHS Global Insight’s Howard Archer said: “It is particularly encouraging that the improvement in construction activity is becoming broadly-based across sectors. Housebuilding activity is seeing particular improvement, which is welcome news given concerns that a shortage of properties risks contributing to a new housing-market bubble.”
Markit chief economist Chris Williamson added the economy is on course for growth “much faster than anticipated by the Bank of England”.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
University of Cambridge: Remains of 1,300 scholars are found under building
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...