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U.K. RICS House Price Balance Tumbles Again In February

Published 12/31/2000, 07:00 PM
Updated 03/09/2009, 09:08 PM

Release Explanation:  This report gauges the costs of homes in the United Kingdom. The figure is based on opinions of the state of the market and is calculated as a percentage of surveyors reporting a rise in prices minus those that are reporting a fall. Rising house prices indicate a strong housing market, which usually relates to a strong overall economy.
 
Trade Desk Thoughts: In the United Kingdom, house prices again took a fall according to the Royal Institute of Chartered Surveyors. The report has shown that 78.3 percent of surveyors reported a decline rather than a rise in house price in February. Housing sales in the U.K. have dropped to their lowest level since at least 1978. The average number of transaction in the housing industry also fell 9.5 percent. As the recession deepens the number of new homes to be built may fall to its lowest level since 1921 as the housing market begins to stagnate.
 
Forex Technical Reaction: The pound has not had a significant reaction to this news item. The pair has found a level of support in the 1.3760.

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