UK house prices drop - Market Insight 21st August 2023

August 21, 2023
UK house prices drop - Market Insight 21st August 2023

Rightmove released its housing price index earlier this morning showing an annual contraction of -0.1% in prices. Month on month prices dropped by -1.9%.

In other news the Peoples Bank of China (PBoC) dropped it's interest rate by 10 points (0.1%) to 3.45% as China struggles to recover from Covid and the weight of a housing crisis. For the latter the Chinese property company Evergrande filed for bankruptcy in the US.

There isn't any major news scheduled for today until breakfast time tomorrow when the UK releases its public sector net borrowing figure for July.

Business news is relatively light today also with not much happening to move the markets. GBP/EUR and GBP/USD remain in a sideways pattern for now.

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Economic calendar

UK: Tuesday 07:00 Public Sector Net Borrowing

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