U.K. Home Builder Shares Fall with Annual House Price Growth Virtually Stagnant
Dow Jones
Aug 07
0751 GMT - Shares in U.K. home builders fell after a report said the annual growth rate of average house prices was the slowest since November 2023. According to the Lloyds House Price Index, average house prices are at 299,253 pounds, just below the psychologically important 300,000 pounds, unchanged on the month and growing at only 0.1% annually. Prices are trapped in a narrow two-year range by stretched affordability and mortgage rates that refuse to fall far enough for long enough, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say in a note. "The U.K. housing market is not broken, but it is barely breathing," the analysts say. Vistry is down 2.1%, with Berkeley and Persimmon both down 1.7%.
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