Investing.com – British house prices declined unexpectedly in November, industry data showed on Thursday.
In a report, the Halifax Bank of Scotland said its House Price Index fell by 0.1% in November, after rising by 1.8% in October.
Economists expected the index to rise by 0.6% in November.
Commenting on the report, Halifax housing economist Martin Ellis said, “Higher numbers of properties for sale, combined with reduced demand, have caused the recent decrease in prices.”
He added, “Interest rates are likely to remain very low for an extended period, which will support the improved mortgage affordability position for homeowners.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.04% to hit 1.5811.
Meanwhile, European stock markets were up after the open. The FTSE 100 gained 0.55%, the EURO STOXX 50 rose 0.68%, France’s CAC 40 added 0.60%, while Germany's DAX was up 0.49%.
In a report, the Halifax Bank of Scotland said its House Price Index fell by 0.1% in November, after rising by 1.8% in October.
Economists expected the index to rise by 0.6% in November.
Commenting on the report, Halifax housing economist Martin Ellis said, “Higher numbers of properties for sale, combined with reduced demand, have caused the recent decrease in prices.”
He added, “Interest rates are likely to remain very low for an extended period, which will support the improved mortgage affordability position for homeowners.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.04% to hit 1.5811.
Meanwhile, European stock markets were up after the open. The FTSE 100 gained 0.55%, the EURO STOXX 50 rose 0.68%, France’s CAC 40 added 0.60%, while Germany's DAX was up 0.49%.