UK house prices 0.8% higher in three months to Novemeber

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Wednesday, Dec 07 2016

UK house prices 0.8% higher in three months to Novemeber

House prices in the three months to November were 0.8% higher than in the previous quarter. This increase followed little movement in prices onthis quarterly measure in both September andOctober. The annual rate of growth also increased,rising for the first time for eight months, from 5.2%in October to 6.0%.

Despite November’s pick-up, the annual rate has been on a steady downward trend in recent months since reaching a peak of 10.0% in March. Heightened affordability pressures, resulting from a sustained period of house price growth in excess of earnings rises, appear to have dampened housing demand, contributing to the slowdown in house price inflation. Very low mortgage rates and an ongoing, and acute, shortage of properties available for sale should help support price levels although annual house price growth may slow over the coming months.

Sterling is currently being traded around 1.26 level. Pair is likely to find support around 1.25 handle and resistance above 1.27 area.

More in this category: « German Industrial Production rose less than expected UK Industrial Production fell by 1.3% »

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