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U.K. Nationwide HPI unexpectedly flat in June

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Forexpros - U.K. house prices held steady in June, industry data showed on Thursday.

In a report, U.K. mortgage lender Nationwide said its house price index was flat in June, after rising by 0.3% in May.

Analysts had expected the house price index to ease up by 0.1% in June.

Year-on-year, home prices in the U.K. declined at an annualized rate of 1.1% in June, after falling by 1.2% in May, beating expectations for a 1.3% decline.

At 0.3%, the three month-on-three month measure of house prices was slightly weaker than the 0.6% pace of increase recorded in May.

Commenting on the report, Nationwide's chief economist Robert Gardner said, "The property market has moved sideways over the past six months, and June's data suggest that trend is being maintained through the summer months."

Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.18% to trade at 1.6092.

Meanwhile, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.3%, France's CAC 40 futures added 0.4%, the FTSE 100 futures eased up 0.2%, while Germany's DAX futures were up 0.25%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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