FTSE 100 Holds Steady As House Prices Jump In November
(RTTNews) - U.K. stocks were steady on Monday after data from the Nationwide Building Society showed U.K. house prices rose by the most since March 2022 in November underpinned by low unemployment and strong income gains.
House prices grew 3.7 percent on a yearly basis in November after an increase of 2.4 percent in October. This was the strongest growth since November 2022 and also exceeded the expected growth of 2.4 percent.
The benchmark FTSE 100 was little changed with a positive bias at 8,288 after finishing marginally higher on Friday.
In corporate news, consumer goods supplier Supreme surged 4.6 percent after it has bought Typhoo Tea out of administration for £10.2m in cash.
Housebuilder Persimmon tumbled 3.7 percent and peer Taylor Wimpey fell more than 1 percent after reports emerged that the government is set to go ahead with the Building Safety Levy, which would be charged as a percentage of the sales of value of new developments to fund safety works.
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