Rate of construction decline in UK slowing

Although the construction industry continues to suffer, the rate at which it is declining has slowed.

That is according to the Chartered Institute of Purchase and Supply (CIPS), which has found that the rate of decline is the slowest in 18 months.

David Noble, chief executive officer at CIPS, said that the industry was still "the sick man of the UK economy".

"Far from seeing signs of a return to growth, the sector remains stuck in an unprecedented eighteen month period of contraction."

Civil engineering was the worst performing sector in August, which Mr Noble said was "reflecting of the instability of the industry as a whole".

According to CIPS, a figure above 50 marks growth in the industry and currently the rate of decline stands at 47.7, up from July's 47.

Last week, home builder Persimmon suggested that property prices had stabilised in the UK.