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.
TheLFB-Forex.com Trade Desk Thoughts: In April, house prices continued to tumble in the U.K. by 1.7%. From one year ago, U.K. house prices have fallen by 17.7%, down to the same level as in 2004. TheLFB-Forex.com Trade Team said that despite the poor read, the release shows there are some weak signs that the market might stabilize, since the house price to income ratio has hit a six-year low.
Forex Technical Reaction: The pound traded on very weak momentum during the overnight session, shedding 20 pips.