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UK House Prices down by 0.9%

Tuesday, Oct 06 2015
House prices in the three months to September were 2.0% higher than in the previous quarter. However, on a monthly basis prices were down by 0.9%. Analysts were anticipating 0.1% increase. This measure of the underlying rate of house price fell from last month’s 3.0%, to its lowest since May. The annual rate eased from 9.0% to 8.6%. 
 
Housing demand has been strengthening recently, underpinned by economic growth, rising real earnings and very low mortgage rates. Increasing demand is combining with very low supply to drive robust underlying house price growth. There is little reason to expect any fundamental shift in the key market drivers over the coming months.
 
Sterling is currently being traded few points above 1.5160 level. Pair is likely to find support around 1.5130 area and resistance above 1.52 handle. Later today, in the US session, Trade Balance figures are scheduled for a release.
More in this category: « German Factory Orders decreased by 1.8% US Trade Balance deficit rose more than expected »

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