British house prices fell 0.6 percent in August from July, when they had increased by 0.3 percent, a key survey by home-loans provider Nationwide showed on Thursday."UK house prices declined by 0.6 percent in August, although this does not change the picture of relative stability that has characterised the market over the past twelve months," said Nationwide chief economist Robert Gardner in a statement.
With the markets giddy over the "success" of people spending more money than they can afford on gifts that make little practical sense, other inquiring minds note the Markit Flash Eurozone PMI® shows Eurozone sees ongoing steep decline as services suffers worst month since mid-2009.
Flash Eurozone PMI Composite Output Index at 45.8 (45.7 in October). Two-month high.