Investing.com – British house prices rose slightly less-than-expected in March, industry data showed on Wednesday.
In a report, the Halifax Bank of Scotland said its House Price Index rose by 0.1% in March, after falling by -0.9% in February.
Economists expected the index to rise by 0.2% in March.
The report showed that U.K. house prices fell by -2.9% in the first quarter after declining by 2.9% in the preceding quarter, exceeding expectations for a -2.8% decline.
Commenting on the report, Halifax housing economist Martin Ellis said, “Our forecast remains for a 2% decrease in house prices in 2011 as a whole. Uncertainty over the general economic outlook and individual financial circumstances are likely to constrain housing demand, resulting in some modest downward pressure on prices."
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD climbing 0.35% to hit 1.6355.
Meanwhile, European stock markets were up after the open. The FTSE 100 gained 0.33%, the EURO STOXX 50 added 0.22%, France’s CAC 40 climbed 0.15%, while Germany's DAX was up 0.3%.
In a report, the Halifax Bank of Scotland said its House Price Index rose by 0.1% in March, after falling by -0.9% in February.
Economists expected the index to rise by 0.2% in March.
The report showed that U.K. house prices fell by -2.9% in the first quarter after declining by 2.9% in the preceding quarter, exceeding expectations for a -2.8% decline.
Commenting on the report, Halifax housing economist Martin Ellis said, “Our forecast remains for a 2% decrease in house prices in 2011 as a whole. Uncertainty over the general economic outlook and individual financial circumstances are likely to constrain housing demand, resulting in some modest downward pressure on prices."
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD climbing 0.35% to hit 1.6355.
Meanwhile, European stock markets were up after the open. The FTSE 100 gained 0.33%, the EURO STOXX 50 added 0.22%, France’s CAC 40 climbed 0.15%, while Germany's DAX was up 0.3%.