The UK’s Rightmove House Prices for June, one of the three major surveys used by the Bank of England to gauge the domestic housing market grew at a slower pace than in the month previous. Although the year-over-year data showed improvement, the recent slowing in month-to-month data adds to concern that the market may be lagging behind the overall economic recovery. Month-to-month data was reported at 0.6% versus a previous 1.3%, and the year-to-year record came in at 1.1% versus a previous 0.7%.
UK Rightmove House Index YoY. Chart generated with Bloomberg LP Professional Terminal.
Although the previous reports caused concern that the Bank of England may prolong its rate hold, markets have priced in the effects of today’s report. The British pound was relatively unchanged after the report. Investors are continuing to monitor the crisis in Greece as the emergency finance meeting held on Sunday failed to create a solution to solve the country’s debt problems.
GBPUSD 5 minute chart; vertical line indicates time of report.
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