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UK Halifax HPI Fell 2.6% In November

Published 12/31/2000, 07:00 PM
Updated 12/04/2008, 04:18 AM

Release Explanation: An economic indicator that measures sales of newly built and existing homes. The House Price Index and Home Loans cover each region’s house valuations and the amount of Mortgage/Lending being made on them.

Trade Desk Thoughts: In November, house prices fell in the U.K. by 2.6% from one month earlier, while the same report showed house prices fell by 14.9% from one year earlier. The release number is much worse than analysts’ had forecast, which called for a -1.0% read. The average price of a house in U.K. had fallen to £163,605. The house price to average earnings ratio has fallen in November from a peak of 5.84 in July 2007 to an estimated 4.56 in November 2008. The ratio is at its lowest level for more than five years.

Forex Technical Reaction: The pound has fallen more than 250 pips during the European session, and is now trading near TheLFB S2 (1.4520). Against the euro, the pound fell 60 pips to a new high for the current year.

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