Forex: UK Housing Prices increase by 0.5% in March

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Housing prices in the United Kingdom were released this morning by Nationwide Building Society. Prices rose by 0.5% in March contrary to the forecasted drop of 0.1%. However the increase is slightly lower than that of February which was 0.7%. On a year on year basis, prices rose by 0.1% compared to February’s 0.1% decline.

Any change in the value of houses in the UK gives an indication of the economy’s health. Any increase is seen as positive and could be good for the British currency.

Upon release of the news at 7:00GMT, the Pound was initially volatile but within an hour it rose against the US Dollar to gain over 18 pips, reaching 1.6120 from the opening level of 1.6101.