Key Statistics: 7th August 2012

Glenigan's weekly roundup of keys statistics for the UK construction industry and the wider economy.

Construction

• The NHBC saw a 24% fall in housing units registered as starts with their inspectors during the second quarter of 2012 compared with a year ago. The decline was especially marked in social housing units started, which fell 49% on a year ago. Private housing registrations slipped back 10%.
• A total of 865 construction companies went into liquidation during the first quarter of 2012, a 24% rise on a year ago. More encouraging the number of construction firms entering receivership, administration or voluntary arrangements total 147 during the second quarter of 2012; little changed on the previous three months and 35% down on a year earlier and suggesting that the number of liquidations may ease over the coming months.

UK Economy

• The Bank of England’s Monetary Policy Committee left interest rates unchanged at 0.5% at its August meeting. 
• A clutch of house price data released over the last week highlight the current fragile condition of the housing market. Whilst price fluctuations are impacting differently on the individual series the overall picture is one of a slight weakening in prices.
  - The Land Registry recorded a 0.1% rise in house prices in England and Wales during June, leaving prices 0.9% up on a year ago. House price inflation was strongest in London, where prices were 6.3% up on a year ago.
  - Nationwide reported a 0.7% fall in average house prices during July, leaving prices 2.6% down on a year ago. 
  - The Halifax House Price index recorded a 0.6% fall in house prices during July, leaving prices 0.6% down on July 2012.
• The GfK NOP consumer confidence survey reveals that consumers remain wary about UK economic prospects and their own financial circumstances.  The consumer confidence index for July was unchanged on the previous month and little changed from December's 2-1/2-year low of -33.