Investing.com – British house prices rose more-than-expected in October, industry data showed on Thursday.
In a report, the Halifax Bank of Scotland said its House Price Index rose by 1.8% in October, after tumbling by 3.7% in September, whose figure was revised from a decline of 3.6%.
Economists expected the index to rise by 0.4% in October.
However the report said that house prices declined by a seasonally adjusted 1.2% in the third quarter.
Commenting on the report, Halifax housing economist Martin Ellis said, “An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months. We do not believe that prices are set to fall sharply over a sustained period.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.56% to hit 1.6172.
Meanwhile, European stock markets were broadly higher. The FTSE 100 soared 1.55%, the EURO STOXX 50 climbed 1.59%, France’s CAC 40 jumped 1.69%, and Germany's DAX was up 1.13%.
In a report, the Halifax Bank of Scotland said its House Price Index rose by 1.8% in October, after tumbling by 3.7% in September, whose figure was revised from a decline of 3.6%.
Economists expected the index to rise by 0.4% in October.
However the report said that house prices declined by a seasonally adjusted 1.2% in the third quarter.
Commenting on the report, Halifax housing economist Martin Ellis said, “An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months. We do not believe that prices are set to fall sharply over a sustained period.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.56% to hit 1.6172.
Meanwhile, European stock markets were broadly higher. The FTSE 100 soared 1.55%, the EURO STOXX 50 climbed 1.59%, France’s CAC 40 jumped 1.69%, and Germany's DAX was up 1.13%.