Investing.com – U.K. house prices fell more than expected in July, down for the first time since February, industry data showed on Thursday.
In a report, U.K. mortgage lender Nationwide said its house price index fell 0.5% in July, after remaining unchanged in June.
Analysts had expected the house price index to decline by 0.2% in July.
Commenting on the report, Nationwide's chief economist said “So far in 2010, demand from homebuyers has made little progress in building upon the recovery seen during much of 2009".
He added, “A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources. Many potential buyers still lack the confidence to purchase their first home or trade up when faced with uncertainty over future income and employment prospects".
Following the release of the data the pound was up against the U.S. dollar, with GBP/USD gaining 0.26% to hit 1.5639.
In a report, U.K. mortgage lender Nationwide said its house price index fell 0.5% in July, after remaining unchanged in June.
Analysts had expected the house price index to decline by 0.2% in July.
Commenting on the report, Nationwide's chief economist said “So far in 2010, demand from homebuyers has made little progress in building upon the recovery seen during much of 2009".
He added, “A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources. Many potential buyers still lack the confidence to purchase their first home or trade up when faced with uncertainty over future income and employment prospects".
Following the release of the data the pound was up against the U.S. dollar, with GBP/USD gaining 0.26% to hit 1.5639.