Bloomberg News

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

June 14, 2013

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


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