Investing.com – House prices in the U.K. unexpectedly declined in September for the second consecutive month, industry data showed on Thursday.
In a report, the Halifax Bank of Scotland said its House Price Index dropped by 0.5% in September, after falling by 1.1% in August, whose figure was revised from a 1.2% decline.
Economists expected the index to rise by 0.3% in September.
The report showed that U.K. house prices fell at an annualized rate of 2.3% in September, while prices in the three months to September were 0.1% higher than in the previous three months.
Commenting on the report, Halifax housing economist Martin Ellis said, "Greater uncertainty about economic and personal financial circumstances, together with pressure on householders' finances from weak earnings growth, higher inflation and increases in taxes, are likely to be constraining housing demand.”
"Despite these pressures, low interest rates and a rise in employment over the past year, have been supporting the market, resulting in broad stability in both prices and activity," he added.
Following the release of that data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.14% to trade at 1.5439.
Meanwhile, European stock markets were broadly higher after the open. The FTSE 100 jumped 1.5%, the EURO STOXX 50 rose 1.9%, France’s CAC 40 rallied 2.1%, while Germany's DAX climbed 2%.
In a report, the Halifax Bank of Scotland said its House Price Index dropped by 0.5% in September, after falling by 1.1% in August, whose figure was revised from a 1.2% decline.
Economists expected the index to rise by 0.3% in September.
The report showed that U.K. house prices fell at an annualized rate of 2.3% in September, while prices in the three months to September were 0.1% higher than in the previous three months.
Commenting on the report, Halifax housing economist Martin Ellis said, "Greater uncertainty about economic and personal financial circumstances, together with pressure on householders' finances from weak earnings growth, higher inflation and increases in taxes, are likely to be constraining housing demand.”
"Despite these pressures, low interest rates and a rise in employment over the past year, have been supporting the market, resulting in broad stability in both prices and activity," he added.
Following the release of that data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.14% to trade at 1.5439.
Meanwhile, European stock markets were broadly higher after the open. The FTSE 100 jumped 1.5%, the EURO STOXX 50 rose 1.9%, France’s CAC 40 rallied 2.1%, while Germany's DAX climbed 2%.