U.K. house price growth remains low and stable, housing market conditions likely to weaken further in near term

U.K.’s house price growth remains low and stable. The House Price index released today did not bring any surprises. House price growth, as expected, came in low and stable in November, with the headline rate rising marginally to 2.8 percent year-on-year from prior 2.7 percent year-on-year.

In London, where housing is least affordable, prices continued to be on a downward trend and fell by 0.6 percent year-on-year, a rate matching its average in the last nine months. However, all other regions recorded price rise.

“Looking ahead, conditions in the housing market might well soften further over the near term and we would not expect to see a significant recovery in price growth unless real wages accelerate and/or Brexit uncertainty lifts”, said Daiwa Capital Market Research in a report.  

At 18:00 GMT the FxWirePro's Hourly Strength Index of British Pound was bullish at 91.5517, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 65.7902 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex