UK data - Rightmove house prices for February +1.7%

Remove house prices for March 2022 saw a gain of 1.7%. That was the biggest March rises since 2004

• In January, the index rose 2.3%. That was the biggest monthly jump in more than 20 years as buyers panicked on the fear of missing out.
• The year on year gain came in at 10.4%. The gain was the highest since June 2014
• The number of prospective buyers was twice the number of homes for sale which is a record for this time of year
• London home prices which has been the weakest market since the start of their pandemic, increased by 6.3% year on year
• the latest official data based on registered sale prices shows prices of homes sold in December were 10.8% higher than the year before which was down from the peak rate of 13.5% in June.

Rightmove said that:

• "We forecast a less frothy market in the second half of the year, as economic headwinds lead to a more evenly balanced market, though demand will still outstrip supply"

The Bank of England Bank of England The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy Read this Term has raise rates three times since December and consumer price inflation has hit its highest level in almost 30 years. Those are headwinds of that could slow the market down although supply still remains a concern.

The GBPUSD is tilting to the downside with the modest USD buying to start the trading week.