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London's housing market at a 10-month high

Thursday, May 14 2015
It is a steadier European part of the session, with no major data releases from the UK. Earlier today, RICS House Price Balance figures were released. London’s housing market rebounded in April as a price index rose to a 10-month high. The gauge for the U.K. capital increased to 28 from minus 6 in March, RICS said in a report on Thursday. That’s the strongest reading since June and the first time it’s been above zero since August. The national measure increased to 33 from 22, with all regions tracked by RICS increasing for the first time since August. 
 
The gains were driven by a shortage of property for sale that was exacerbated by uncertainty ahead of last week’s general election, with a measure of new listings dropping to its lowest since May 2009. Britain’s lack of affordable homes is now a “national emergency,” which Prime Minister David Cameron’s new government should address as a priority, RICS said. “The decisive outcome to the election could encourage a pick-up in instructions to agents and ease some of the recent upward pressure on house prices,” said Simon Rubinsohn, RICS chief economist. “But it is doubtful that this will be substantive enough to provide anything more than temporary relief.”
 
Sterling is currently being traded few points above 1.5740 level and is likely to find support around 1.57 handle and resistance near 1.58 handle. Later today, in the US session, PPI and Unemployment Claims figures are scheduled for a release.
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