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U.K. house price growth eases again in August, likely to remain on gradually downward sloping path

House price growth in the U.K. eases further in August. In spite of the evidence that consumer spending on the U.K. High Street rebounded in the summer, the positive spending did not spread to the U.K. housing market. The U.K. price index released today indicated that the headline price growth slowed further in August to 3.1 percent year-on-year, the weakest since August 2013.

Different regions continued to indicate different patterns with North West England and Northern Ireland reporting the steepest rises in prices of 5.6 percent year-on-year and 4.4 percent year-on-year, while London recorded a decline of 0.7 percent in prices.

“With the level of transactions remaining down on last year, and the RICS market sentiment survey suggesting that momentum remains subdued but stable, we expect that UK house price growth will remain on a gradually downward sloping path towards year-end”, stated Daiwa Capital Market Research in a report.

At 18:00 GMT the FxWirePro's Hourly Strength Index of British Pound was neutral at -17.581, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -10.6381. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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