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Construction

• The Nationwide reported a continued softening in the annual pace of house price growth in November, falling from 9.0% in October to 8.5% and marking the third consecutive month where annual growth has moderated. Nationwide reported that average prices rose 0.3% during November, this compares to a monthly rise of 0.5% in October.
• October was the strongest month for new housing ‘registrations to start’ since June 2011, according to figures released by NHBC. A total of 13,950 new homes were registered in October (11,151 private sector; 2,799 public sector), this is a 10% increase on October 2013 when 12,682 new homes were registered (9,666 private sector; 3,016 public sector). The rise in unit reservation is in contrast to the recent cooling in new sites starts recorded by ¹û¶³Ó°Ôº and suggests that housebuilders are pressing ahead with already opened developments.  During the three months to October the number of registrations was up 14% on the same period last year (32,716). Of these:
• Private sector registrations in August - October 2014 increased by 20% (29,341), compared with the same period in 2013 (24,350).
• Public sector registrations in August - October 2014 decreased by 7% (7,799) when compared with the same period a year ago (8,366).

Economy

• The latest estimates for the Office of National Statistics put UK economic growth in the third quarter at 0.7%, unchanged on their previous estimate.
• Total UK fixed investment (GFCF) reached £73.2 billion during the third quarter of 20145, according to ONS data. This is a 1% rise on the previous quarter and 7.1% up on a year ago. GFCF has increased for the last eight quarters, the longest sustained period of growth since 1998. Business investment fell by 0.7% during the quarter; although it was still 6.3% up on a year earlier and, at £44.6 billion, £2.6 billion higher than its pre-downturn peak in 2008 Q2. Increased investment in other buildings and structures was the main growth driver, rising by 4.6% during the quarter. However, other areas such as transport equipment, IT and private dwellings have seen more rapid growth over the last year. 
• Output by the UK service industry during the third quarter was 0.8% up on the preceding quarter and 3.3% up on 2013 Q3, according to ONS. All four service areas have grown over the last 12 months, with the fastest increase being in business services & finance which is 4.4% up on a year ago. The distribution, hotels & restaurants and transport, storage & communications areas both grew by 3.9% over the same period. In contrast Government & other services rose by just 1.2%.