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The UK housing market is likely to weaken

The UK housing market is likely to weaken | 01 Agosto 2023

01 Agosto 2023, GBP/USD

The UK housing market is likely to weaken

GBPUSD trading plan:

British lenders approved more mortgages than expected in June and net unsecured lending to consumers shot up by the most in over five years, despite rising interest rates, Bank of England fresh data showed. Despite June's increase, the housing market is likely to weaken further in the months ahead thanks to much higher borrowing rates on mortgages that reflect past interest rate hikes from the BoE, as well as expectations for future ones. The value of net mortgage lending for the second quarter as a whole fell compared with the first quarter - the first quarterly contraction since records began in 1987. Looking ahead, growth in households' real disposable incomes will be weighed down by mortgage refinancing.

Investment idea: sell 1.2840 and take profit 1.2770.

David Johnson
Analyst of «FreshForex» company
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