UK House Prices lower-than-expected despite rise in mortgages
On Tuesday, data from the UK’s largest building society Nationwide showed UK house prices rose by 1.6% YoY in March, falling short of estimates of 2.4% but higher than February’s 1.2%.
On a monthly basis prices fell 0.2% after rising 0.7% in February, and below estimates of 0.3%.
Despite the fall in house prices, UK Mortgage Approvals rose by 60.332K, which was above the expected 56.500K and the previous figure, according to data from the Bank of England (BoE).
Borrowing was mixed according to the BoE data, with Net Lending for Mortgages higher but UK Consumer Credit lower. Consumer credit fell to 1.378 billion GBP borrowed in February – below forecasts of 1.600 billion, and below the previous 1.770 billion figure.
The Euro seemed unfazed, meanwhile, by the release of lower-than-expected German inflation data, which showed the Harmonized Index of Consumer Prices slowing to 2.3% YoY in March when 2.4% had been forecast, from 2.7% previously.
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