House prices in the U.K. fell for the first time this year in July, but 2014 still remains the "year to move", according to Rightmove. In its latest House Price Index released on Monday, Rightmove reveals that U.K. house prices fell 0.8 percent in July, leading to a fall in the annual growth rate to 6.5 percent from 7.7 percent in June.
"There is evidence that the frenetic activity seen in some areas during the first half of the year is cooling in part due to stricter mortgage eligibility criteria and previously pent-up demand having now been satisfied," the report states.
High house price increases in the first half of the year drew the attention of both the IMF and the European Union, and fueled fears of a housing bubble, prompting the Bank of England to implement new measures and toughen its rhetoric to cool down the market.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.