Halifax Bank of Scotland announced its monthly House Price Index today with much higher than forecasted results. House Prices increased in June 2011, with a change of 1.2%, rather than the expected 0.1% change.
House prices in the second quarter of 2011 were 0.5% lower than the report of the previous quarter. On an annual basis, the House prices were 3.5% lower in June 2011 than the same time last year. The average price for a U.K house is around 163,049.
The British Pounds started to turn around against the Euro, the pair was trading at 0.9017 before the U.K release and fell by more than 50 pips to trade at the current price of 0.8969.
Against the U.S Dollar, Sterling is trading at 1.6014 currently. GBP/USD fell from 1.6034 to 1.6014.
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