Last month, house prices were up on the year previous buy dramatically down on the month previous according to the Royal Institute for Chartered Surveyers (RICS) report. This dip in house prices may not have made much difference to the market as it is fairly static anyway but it did affect the Pound which dipped below $1.50 shortly after the data was announced.
Overall, house prices were up 17% on Feb ’09 but down from +31% in January this year, a drop that is so severe it hasn’t been seen since April 2008. The knock-on low confidence saw Sterling fall 0.4% to a 10-month low of $1.4781, a sign that we’ve still a way to go before we see a stable housing market, less repossessed property and a solid economy.
