Key Statistics: 1st January 2013

Construction

•The British Bankers Association reported that new mortgage lending in November rose to £7.7bn, above the average for the last six months of £7.4bn, in a sign that conditions for house builders are improving. However households continued to repay mortgage and credit card debt at similar rates to the above figures showing little net gain in overall lending.

•Construction output in the third quarter was stronger than previously thought, the ONS reported that between the second and third quarter output fell 2.5% revised up from the 2.6% fall previously estimated.

•Business investment into the construction industry in the third quarter was up 31% compared to the same period last year, an increase of 5% compared to the second quarter of the year, according to the ONS.

•House prices according to the Nationwide were flat between October and November, compared to November last year house prices were 1.2% below the level seen last year.

UK Economy

•GDP growth between the second and the third quarter was revised down from 1% to 0.9%; the downward revision comes as services and manufacturing output were weaker than previously thought.

•Total business investment in the third quarter increased by £1.1bn (3.8%) from the second quarter.

•Data from the ONS shows that household spending in the third quarter of the year was still 5% below the pre-recession peak of Q4 2007.

•Retail sales volumes in November were up 1% compared to November 2011, over the same period the amount spent increased 1.5%.