Investing.com – British house prices fell significantly more-than-expected in December, industry data showed on Monday.
In a report, the Halifax Bank of Scotland said its House Price Index fell by 1.3% in December, after falling by 0.2% in November, whose figure was revised from a decline of 0.1%.
Economists expected the index to fall by 0.3% in December.
Commenting on the report, Halifax housing economist Martin Ellis said, “Looking forward, we expect limited movement in house prices during 2011 but with the risks on the downside.”
He added, “Uncertainty about the economy, weak earnings growth and higher taxes could put some downward pressure on demand."
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.03% to hit 1.5542.
Meanwhile, European stock markets were down after the open. The FTSE 100 slumped 0.15%, the EURO STOXX 50 declined 0.70%, France’s CAC 40 dropped 0.78%, while Germany's DAX was down 0.33%.
In a report, the Halifax Bank of Scotland said its House Price Index fell by 1.3% in December, after falling by 0.2% in November, whose figure was revised from a decline of 0.1%.
Economists expected the index to fall by 0.3% in December.
Commenting on the report, Halifax housing economist Martin Ellis said, “Looking forward, we expect limited movement in house prices during 2011 but with the risks on the downside.”
He added, “Uncertainty about the economy, weak earnings growth and higher taxes could put some downward pressure on demand."
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.03% to hit 1.5542.
Meanwhile, European stock markets were down after the open. The FTSE 100 slumped 0.15%, the EURO STOXX 50 declined 0.70%, France’s CAC 40 dropped 0.78%, while Germany's DAX was down 0.33%.