MARKET REPORT: Housebuilders on rise as prices edge higher
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Housebuilders were on the march in what analysts described as a 'big week' for the industry given the General Election.
Galliford Try gained 2.1 per cent, or 5p, to 244p, Crest Nicholson added 2 per cent, or 4.8p, to 245p, Persimmon rose 1.5 per cent, or 20p, to 1372p, Barratt Developments increased by 1.2 per cent, or 5.6p, to 477.8p and Taylor Wimpey edged up 1.2 per cent, or 1.65p, to 143.8p.
The rally came as Nationwide revealed house prices rose 0.2 per cent in June despite high mortgage rates denting demand among would-be buyers.
The industry is also in focus ahead of Thursday's poll with Labour planning to build 1.5m new homes over the next parliament - or 300,000 a year - should it win power.
Price rally: Building society Nationwide revealed house prices rose 0.2 % in June despite high mortgage rates denting demand among would-be buyers
While this is seen as ambitious, plans to shake-up the planning system and build more affordable homes could benefit the sector.
The Bank of England is also expected to cut interest rates once the election is out of the way.
Danni Hewson, head of financial analysis at AJ Bell, said: 'It could be a big week for housebuilders.
'For developers and their shareholders, it could be the klaxon call that gets Britain building, though there will undoubtedly be many uncomfortable discussions about exactly where development would best serve the country.'
It was not just the election here making headlines, however, with trading rooms gripped by the rise of Marine Le Pen in France.
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The FTSE 100 index inched up 0.03 per cent, or 2.64 points, Vape Vision customer reviews (seller24.co.kr) to 8166.76 and the FTSE 250 slipped 0.32 per cent, or 63.95 points, to 20,222.08.
Galliford Try gained 2.1 per cent, or 5p, to 244p, Crest Nicholson added 2 per cent, or 4.8p, to 245p, Persimmon rose 1.5 per cent, or 20p, to 1372p, Barratt Developments increased by 1.2 per cent, or 5.6p, to 477.8p and Taylor Wimpey edged up 1.2 per cent, or 1.65p, to 143.8p.The rally came as Nationwide revealed house prices rose 0.2 per cent in June despite high mortgage rates denting demand among would-be buyers.
The industry is also in focus ahead of Thursday's poll with Labour planning to build 1.5m new homes over the next parliament - or 300,000 a year - should it win power.
Price rally: Building society Nationwide revealed house prices rose 0.2 % in June despite high mortgage rates denting demand among would-be buyers
While this is seen as ambitious, plans to shake-up the planning system and build more affordable homes could benefit the sector.
The Bank of England is also expected to cut interest rates once the election is out of the way.
Danni Hewson, head of financial analysis at AJ Bell, said: 'It could be a big week for housebuilders.
'For developers and their shareholders, it could be the klaxon call that gets Britain building, though there will undoubtedly be many uncomfortable discussions about exactly where development would best serve the country.'
It was not just the election here making headlines, however, with trading rooms gripped by the rise of Marine Le Pen in France.
RELATED ARTICLES
Previous
1
Next
Couple scoop £2bn in Blackrock deal: Husband and wife... French borrowing costs surge on Marine Le Pen's election... Revolut's £1.6bn sales bonanza: But fintech star is still... Meme-stock trader Roaring Kitty sued over GameStop shares...
Share this article
Share
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
The FTSE 100 index inched up 0.03 per cent, or 2.64 points, Vape Vision customer reviews (seller24.co.kr) to 8166.76 and the FTSE 250 slipped 0.32 per cent, or 63.95 points, to 20,222.08.
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