Release Explanation: This report gauges the costs of homes in the United Kingdom. The figure is based on surveyors' opinions on the state of the market, calculated as is the percent of surveyors reporting a rise in prices minus those reporting a fall. A fall in house prices indicates a weak housing market, which generally reflects a weakening overall economy.
Trade Desk Thoughts: The Rightmove house price index for the month increased to 1.2 percent, month over month. The average price advertised by sellers in February has fallen by the most since 2002, with a decline of 9.1 percent. In London the fall was 3.5 percent while mortgage approvals were close to decade long lows in December. However, asking prices have risen 1.2 percent month over month while in London prices grew by 0.3 percent.
Forex Technical Reaction: After starting the new trading week with a 140 pip gap the sterling has managed to stabilize and is trading just above the S1 support level at 1.4240.