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UK builders report biggest leap in cost inflation on record, PMI shows
S&P Global said input cost inflation hit a record as fuel, raw material and transport costs rose and new orders fell at one of the sharpest rates in six years.
- On Wednesday, British construction firms reported the biggest monthly cost inflation on record in March, as the war in Iran disrupted supply chains and reduced new orders.
- S&P Global's all-sector Purchasing Managers' Index dropped to 49.9 in March, falling below the 50.0 growth threshold for the 15th consecutive month as economic prospects dimmed.
- Five-Year fixed-rate mortgages for first-time buyers have climbed above 5.2% recently, with RBC Capital Markets analysts noting rising energy and fuel costs have "taken the spring out of the spring selling season."
- Halifax data shows average UK house prices fell 0.5% in March to £299,677, slipping below the £300,000 barrier for the first time this year despite underlying resilience.
- Broader European equity markets surged early Wednesday following a two-week ceasefire between the U.S. and Iran, boosting housebuilder shares on hopes for lower mortgage rates.
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UK builders report biggest leap in cost inflation on record, PMI shows
British construction firms reported the biggest rise in cost inflation from one month to the next on record in March and the Iran war also hit new orders and confidence in the sector, a survey showed on Wednesday.
·New York, United States
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Orders for new work plummet as Middle East conflict dents confidence
Total new orders for construction firms have fallen at their fastest rate since last November amid client fears over the Middle East conflict. A drop in residential work – continuing an ongoing trend – led to contractors reporting a “sustained downturn” in activity in March,… The post Orders for new work plummet as Middle East conflict dents confidence appeared first on Construction News.
Coverage Details
Total News Sources20
Leaning Left4Leaning Right1Center7Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 33%
C 59%
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