Forex Pros - U.K. house prices rose unexpectedly in February, industry data showed on Tuesday.
In a report, U.K. mortgage lender Nationwide said its house price index rose by a seasonally adjusted 0.3% in February, after falling by 0.1% in January.
Analysts had expected the house price index to decline by 0.2% in February.
The report showed that year-over-year, home prices in the U.K. fell by 0.1% in February, after tumbling by 1.1% in January. Analysts had expected year-on-year home prices to decline by 0.2% in February.
Commenting on the report, Nationwide's chief economist Robert Gardner said, "The overall picture is still one of a market treading water."
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD adding 0.1% to hit 1.6274.
Meanwhile, the outlook for European stock markets was upbeat. The FTSE 100 futures pointed a rise of 0.44%, the EURO STOXX 50 futures indicated a gain 0.53%, France's CAC 40 futures pointed to an increase of 0.41%, while Germany's DAX futures added 0.42%.