The UK housing market saw a price decline in July. According to the survey conducted by the RICS, the price balance declined down to -24 from June’s -22. So far, these are the lowest figures seen since June 2011 (-27). The survey shows that it was a minor but nationwide decline.
An increase in the amount of purchase claims suggests higher demand. However, the overall picture indicates a slowdown. The amount of those who want to buy residential property isn’t falling down. However, they are just looking instead of buying. Therefore, the amount of concluded deals hasn’t grown so far.
At the same time, fewer people want to sell their homes despite the affordability of financial resources.
How will easier lending conditions influence the mortgage lending sector? This remains to be seen.
Forex.
According to , the British Pound keeps strengthening against the US Dollar. The experts report that GBPUSD is forming a big-scale upswing represented by wave А/В of level Daily.
A further rally will be seen if the price breaks above the 1.5727 high. If this is the case, the currency pair will probably encounter resistance around 1.5729 and 1.5766.
A break below 1.5659 will resume the previous bearish move. A break below the bottom of the MF sloping channel will increase the wave level of the downswing, simultaneously reversing the trend.
