European Economics Preview: Germany's Ifo Business Confidence Data Due
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News: 2012-06-22 05:40:00 UTC+00

UK House Price Sentiment Remains Weak: Markit

British households continued to remain downbeat about their property prices in June, data from a survey by Knight Frank and Markit Economics showed Friday.

The house price sentiment index remained unchanged at 46.3 in June, indicating that households continued to be pessimistic about their home prices. The latest reading was lower than March's 20-month high of 46.6. An index reading below 50 indicates deterioration in sentiment, while one above suggests improvement.

In June, 15 percent of households reported a decline in their home values, while 7.6 percent said prices of their properties increased.

At the same time, the outlook component of the index, which measures what households think will happen to the value of their properties over the next year, remained in the positive territory for the fifth consecutive month.

"House price sentiment has now been negative for two years, but the index shows the localized nature of the market," Grainne Gilmore, head of UK residential research at Knight Frank, said. "There are wide regional variations across the UK in terms of price performance, with London leading the way, underlining the economic strength of the capital compared to many other areas of the country."

Published: 2012-06-22 05:40:00 UTC+00 10 months, 3 weeks, 6 days, 19 hours, 53 min. ago
 
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