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