The 0.5% monthly decrease follows an increase of 0.4% in September 2023, with the monthly value in level terms in October 2023 at £15.5bn. 

The decrease in monthly output came solely from a decrease in new work (1.7% fall), partially offset by an increase in repair and maintenance (1.3%) on the month. 

At the sector level, three out of the nine sectors saw a fall in October 2023, with the main contributors to the monthly decrease seen in private new housing and private commercial new work, which decreased 5.2% and 1.2%, respectively.

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The ONS claims that heavy rainfall and strong winds led to delays in planned work in October 2023, and a high number of comments from businesses noted the negative effect of storms specifically.

Terry Woodley, managing director for development finance at Shawbrook Bank, said: "Persistent inflation and supply chain problems are likely behind these modest figures.

“It's been a tough year for developers, with labour costs putting pressure on projects, and a significant 36% of developers grappling with the escalating prices of materials, according to Shawbrook's research.

"We're optimistic that the government's efforts to streamline the planning system and ease some of its burdens will boost developers' prospects for 2024."