Corporate foreign exchange news

Property prices tumble 2.1%

Monday, 15 August 2011 09:03:02 GMT

Published by Jamie Jemmeson
Average property prices have declined by 2.1 per cent this month in comparison with July, a report has found.
In news that may impact forex dealers, the Rightmove House Price Index indicated the first decline since September 2009 for year-on-year prices, as they fell by 0.3 per cent.
Rightmove director Miles Shipside said: "While the world's financial jitters are now playing havoc with stock markets and our future pensions, there are bound to be concerns about the impact on assets held as bricks and mortar."
He added that asking prices for property have held "remarkably stable" in spite of the economic turbulence of recent years, with the report noting that a decline of 4.1 per cent has occurred since the recession first hit.
According to Bloomberg, in foreign exchange trading in London at 06:03 BST, sterling held steady at $1.6287, while versus the single currency it was at 87.78 pence.
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