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.
Trade Desk Thoughts: In February, house prices continued to tumble in the U.K. by 2.3%, offsetting the gain seen in the month before. From one year ago, U.K. house prices have fallen by 17.7%, down to the same level as in 2004, while the price of an average house is now £160,327. 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 is trading near the Asian open price, as traders are cautious ahead of the BOE rate decision. Earlier, the pair broke above the high of the previous day of trading.