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UK House Prices increased by 1.7%

Wednesday, Jul 08 2015
House prices increased by 1.7% between May and June; the fourth consecutive monthly rise. Analysts were forecasting 0.2% incline. House prices in the three months to June were 3.3% higher than in the preceding three months. This measure of the underlying rate of house price growth picked up following two successive falls. Annual house price growth also increased to 9.6% from 8.6% in May and is at its highest since September 2014.  
 
Supply remains very tight with the stock of homes available for sale currently at record low levels. This shortage has been a key factor maintaining house price growth at a robust pace so far in 2015. Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand with signs of a recent modest pick-up in demand.
 
Despite the data Sterling remains lower, currently being traded few points above 1.54 handle. Pair is likely to find support around 1.5350 level and resistance around 1.5460 area. Later today, Annual Budget figures are scheduled for a release.
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