Rightmove House Prices fell another -1.0% on a monthly basis, suggesting UK home values plunged -3.3% in the year to September. While the speed of decline has slowed, the reading remains firmly in negative territory. The deep slump in the housing market has severely damaged household wealth, depressed spending, and slowed economic expansion. Indeed, GDP growth stopped in the second quarter, printing at 0.0% in the three months to July. This is the lowest reading in 16 years, with most indications favoring a fall into negative territory in the third quarter. As we mentioned in our Forex Trading Weekly Outlook, “the market forecasts that the BOE to begin cutting rates in the fourth quarter of this year and expects 100 basis points in easing over the next 12 months.”
For a complete listing of this week’s data releases, please see the DailyFX Economic Calendar.