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In autumn economic outlook, UK finance chief George Osborne announced the most ambitious housing plan, in more than four decades. He has vision to build as much as 400,000 new houses across UK to rein over rise in property prices, which has outpaced wage growth by many folds over the last few years.
In contrast to this ambitious plan UK construction PMI is trending down. November's rise in output has been slowest since 2013. Headline index dropped to 55.3 in November, compared to 68.8 in October. The headline above 50, is still indicating growth, however new business, output and employment all is rising at much slower pace.
According to Markit economics, all broad area of construction activity experience slowdown in November. UK residential activity dropped sharply.
While construction weakens, third quarter GDP report has confirmed that UK economy is growing but not at speed seen in 2013/14.
Pound, which was already weak against Dollar, dipped further, probably on its way to recent low. Currently trading at 1.504 against Dollar.
