U.K. Stocks Advance Second Day as House Prices Rise to RecordSarah Jones
U.K. stocks climbed, sending the FTSE 100 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, 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.