Indicators
UK House Builders in Worst Sump in Almost Three Years, S&P Says
- Firms cut construction as house prices and loan approvals sink
- Construction jobs being cut at fastest pace in two years
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House builders slammed the brakes on construction at the start of 2023 as a surge in mortgage interest rates causes activity in the property market to freeze over.
The industry suffered its biggest contraction in almost three years in January after a slump in property prices and home loans gathered pace, S&P Global’s construction purchasing managers’ index showed Monday.