UK Nationwide HPI August mm +0.3% vs +0.4% exp

Housing data now out

• +0.4% prev
• yy +3.2% vs +3.1% exp vs +3.5%

Softer reading mm and yy lower than previous in line with recent trend

GBPUSD 1.5495 EURGBP 0.7330

Nationwide says that home values may be settling around the level of earnings growth which historically has been about 4%. Says the trend won't last unless the supply of homes increases to match rising demand

" A significant increase in construction is needed if affordability is not to match rising demand"