Key Statistics: 14 July 2015

Construction

• Construction output fell by 0.4% during the three months to May compared to the previous three months, according to the latest estimates from the ONS. The fall was due to contracting new build work, particularly a 5.6% retraction in the commercial sector. Compared to the same period of 2014 output was up 2.7%. Commercial work was also down on a year earlier, but this was offset by strong growth in new build private housing and infrastructure work. The annual growth rate of 2.7% is the weakest since July 2013, after recent revisions to the data.

Economy

• UK House Prices increased sharply in June according to two surveys. The Halifax House Price Index estimates that house prices in the three months to June were 3.3% higher than in the previous three months. This took the rate of annual growth to 9.6%; the strongest since last September. The Royal Institution of Chartered Surveyors’ (RICS) monthly house price balance rose to +40 in June, indicating the fastest house price growth since July 2014.