UK homebuilders, property stocks extend gains after BoE sees rate cut nearing

Supermarket Income REIT

21/03/2024 12:19

** Shares of UK homebuilders' index  .FTNMX402020  and FTSE
Real Estate index  .FTUB3510 , which includes commercial
property firms and real estate investment trusts (REITs), extend
gains from morning trade, adding 1.6% and 2%, respectively 
    ** Bank of England keeps interest rates at a near 16-year
high of 5.25%, but says Britain's economy "moving in the right
direction" for it to start cutting interest rates
    ** FTSE 100 housebuilders Barratt  BDEV.L , Persimmon
 PSN.L , Taylor Wimpey  TW.L  and Berkeley  BKGH.L  gain between
1.7% and 2.4%
    ** FTSE 100 commercial property firm Land Securities
 LAND.L  rise about 3%
    ** British Land  BLND.L  top pct gainer on the real estate
index, gaining ~4%

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))