Following yesterday's modest rise in the UK manufacturing PMI, today's survey focus will be on the construction PMI. Having softened from 60.1 to 54.2 between February and April, some stabilisation in sentiment is expected in May, with the headline measure forecast by Lloyds Bank to rise to 55.0.
Domestically, the spotlight will be shared with BoE mortgage approvals for April. In March, approvals softened to 61.3k although still activity remains over 4% higher compared to December.
So far, the data for April have pointed to an acceleration in activity. The RICS survey reported a rise in expected sales and new buyer enquiries. Meanwhile, BBA data, which accounts for almost two-thirds of mortgages granted, surged by over 7% in April alone.
Lloyds Bank expects the BoE approvals to resume its ascent higher with a 65.0k print.
