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UK house prices rose by 0.3% in January

Thursday, Jan 29 2015
UK house prices rose by 0.3% in January, below expected increase by 0.4%. Annual house price growth slowed to 6.8% in January from 7.2% in December. Annual house price growth slowed for the fifth month in a row. The reasons for the slowdown in activity remain unclear.  Unemployment has continued to decline and wage growth has started to outstrip increases in the cost of living for the first time since the financial crisis.
 
If the economic backdrop continues to improve as we and most forecasters expect, activity in the housing market is likely to regain momentum in the months ahead. It is encouraging that the number of new homes built in England was up 8% in the year to Q3 2014. However, this is still 34% below pre-crisis levels and little over half the expected rate of household formation in the years ahead.
 
Data did not have any major impact on the markets. Sterling is currently being traded around 1.5150 area. Pair is likely to find support around 1.51 handle, and resistance near 1.52 area. Later today, CBI Realized Sales figures are scheduled for a release.
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