U.K. Stocks Advance Second Day as House Prices Rise to Record

U.K. stocks climbed, sending the FTSE 100 (UKX) Index higher for a second day, led by gains in banks and real estate companies after house prices advanced to a record last month.

LLoyds Banking Group Plc, Britain’s largest mortgage lender, and Land Securities Group Plc (LAND), the U.K.’s largest real estate investment trust, both rose more than 1 percent.

The FTSE 100 rose 32.83 points, or 0.5 percent, to 6,337.46 at 8:57 a.m. in London, trimming the gauge’s decline this week to 1.2 percent. The broader FTSE All-Share Index rallied 0.6 percent and Ireland’s ISEQ Index rose 1.1 percent.

Stocks advanced as a report showed house prices in England and Wales rose to a record in May as government measures to ease credit strains improved the availability of mortgages.

The average cost of a home rose 0.4 percent from April to 233,061 pounds ($365,000), Acadametrics and LSL Property Services Plc said in a monthly report published in London today. Prices were up 2.7 percent from a year earlier.

To contact the editor responsible for this story: Sarah Jones at sjones35@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.