According to the latest report released by the Office for National Statistics (ONS), British residential property kept on appreciating in January 2016. On top of that the experts say that this was the strongest monthly growth seen over the past 10 months.
At the same time, the British housing price index (HPI) increased by 7,9% in January 2016 relative to the same reporting period 12 months before. For those of you who don’t know, December’s figures came in at 6,7% y/y. As for January’s figures, this was the biggest monthly gain since March 2015, when the index came in at 9,6%, Market Leader reports.
The average price of a residential unit reached 292 000 pounds in January 2016. In England alone, the year-over-year growth reached 8,6%. The average price excluding London and South-Eastern England increased by 5,1% over the same reporting period. When adjusted for seasonality, the month-over-month figures increased by 0,9% in January 2016. There was no price change in December.
FOREX
In the meantime, Masterforex-V Academy reports that the British Pound keeps on losing its value against the U.S. Dollar within the scope of the same long-term downtrend. To be more specific, GBPUSD is building a bearish wave of level Weekly3.
On breaking below the 1.3835 low, the currency pair is going to resume the downtrend with wave 5 or the “Hound of the Baskervilles” pattern by Elder/MF, the experts say. For now, the most likely levels of support can be found at 1.3773, 1.3565 as well as the long-term low of 1.3503. Alternatively, a break above the top of the descending MF sloping channel and MF pivot 1.5496 is going to put an end to the current bearish wave.
