That dip is happening

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The FT reports this morning:

Fears the recovery in the UK housing market is losing ground will be bolstered by new data showing a £1bn ($1.6bn) drop in the value of work on new housing developments in the months following the general election.

The underlying value of work starting on private residential projects slumped to £1.4bn in the three months to the end of July, compared with £2.5bn in the three months before the election, according to the latest Glenigan Index, the publication that tracks the construction industry.

Building is always a good barometer of what is happening ion the economy.

This news says three things.

The first is Labour’s plans were working.

The second is that the ConDem’s plans are seen as bad news.

The third is that double dip looks to be on its way.

Nothing Clegg or Cameron can say will change that.