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Chancellor's budget lift for housing boosts homebuilders' share prices Chancellor's budget lift for housing boosts homebuilders' share prices
(6 months later)
Shares in stock market-listed housebuilders soared following George Osborne's budget boost for the housing market.Shares in stock market-listed housebuilders soared following George Osborne's budget boost for the housing market.
The chancellor unveiled a Help to Buy scheme, with the government putting up a fifth of the initial purchase cost of newly built houses. A mortgage guarantee scheme would also aid people struggling to buy their own home. Osborne said £3.5bn would be committed over the next three years for new homes worth less than £600,000.The chancellor unveiled a Help to Buy scheme, with the government putting up a fifth of the initial purchase cost of newly built houses. A mortgage guarantee scheme would also aid people struggling to buy their own home. Osborne said £3.5bn would be committed over the next three years for new homes worth less than £600,000.
The news sent Barratt Developments more than 7% higher to 257.2p, making it the biggest riser in the FTSE 250 mid-cap index. Close behind was Taylor Wimpey, up 6% to 91p, Persimmon, up 5% to £10.24, Bellway, 4% better at £12.34 and Redrow, up 3.8% to 191p.The news sent Barratt Developments more than 7% higher to 257.2p, making it the biggest riser in the FTSE 250 mid-cap index. Close behind was Taylor Wimpey, up 6% to 91p, Persimmon, up 5% to £10.24, Bellway, 4% better at £12.34 and Redrow, up 3.8% to 191p.
Analyst Anthony Codling at Jefferies said: "Today's budget provided a significant stimulus to the UK housing market, both newbuild and the existing homes market. We believe housing transactions are likely to increase when the measures announced in budget 2013 come in to force."Analyst Anthony Codling at Jefferies said: "Today's budget provided a significant stimulus to the UK housing market, both newbuild and the existing homes market. We believe housing transactions are likely to increase when the measures announced in budget 2013 come in to force."
The government has come under pressure to help potential homeowners, and housebuilders said recently they had started to see some benefits from existing schemes. Both the British Property Federation and the Home Builders Federation welcomed the new measures, while Leeds Building Society said: "While we need to work through the full details of the guarantee scheme announced, this is definitely a positive step for the housing market and the wider economy."The government has come under pressure to help potential homeowners, and housebuilders said recently they had started to see some benefits from existing schemes. Both the British Property Federation and the Home Builders Federation welcomed the new measures, while Leeds Building Society said: "While we need to work through the full details of the guarantee scheme announced, this is definitely a positive step for the housing market and the wider economy."
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