Brick wall for growth
THE sharpest drop in construction output for over a year has put a dent in growth prospects.
Fewer mortgage approvals and higher house prices were to blame for the slow down
Official figures showed output fell by 2.6 per cent in January compared with expectations for 1.3 per cent growth, after a five per cent drop in new UK housebuilding.
Activity was down by 3.1 per cent on the previous year.
The Office for National Statistics cited fewer mortgage approvals and high house prices.
Berenberg chief UK economist Rob Wood said repair and maintenance work had "fallen off a cliff" in the last four months.