Forexpros – House prices in the U.K. declined more-than-expected in November, industry data showed on Tuesday.
In a report, the Halifax Bank of Scotland said its House Price Index fell by 0.9% in November, disappointing expectations for a decline of 0.1%, after jumping by 1.2% in October, continuing the very mixed monthly pattern seen this year
The report showed that U.K. house prices fell at an annualized rate of 1.0% last month from a year earlier, while prices in the three months to November were 0.6% lower than in the previous three months.
Commenting on the report, Halifax housing economist Martin Ellis said, “Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households’ finances.”
“We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little,” he added.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.34% to trade at 1.5597.
Meanwhile, European stock markets were broadly lower after the open. The FTSE 100 slumped 0.6%, the EURO STOXX 50 dropped 0.9%, France’s CAC 40 fell 0.9%, while Germany’s DAX tumbled 1.45%.
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