Private housing orders drop 48% Published: 03/10/2008

The number of private property orders went down significantly in the past few months, new research reveals.

Figures from the Chartered Institute of Purchasing and Supply show orders dropped 48 per cent in the past quarter compared to last year.

Construction orders saw a drop of 18 per cent and the industry saw the highest level of job losses since the study began.

The index stood at 38.8 in September – down from 40.5 in August, showing a continued contraction.

According to the research, price inflation remains high but has dropped further since June when it was at its highest point.

Roy Ayliffe, director of professional practice at the Chartered Institute of Purchasing and Supply, said: "The volatility of the world's financial markets reached fever pitch in September, purchasing managers reported a fall in activity levels throughout the UK construction economy, as companies laid off staff at a considerable pace and sharply reduced buying activity."

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