House builders surge as house prices hit record high

House prices rose 1.3% MoM in May, and 9.5% YoY. House builders dominated the FTSE leader board.

New Highs 4


House builders are leading the FTSE higher after the Halifax house price index revealed that house prices surged to a record high in May.

The average property increased in value by £3000 or 1.3%. Prices rose 9.5% on an annual basis.

Heading towards the traditionally busy summer period the housing market remains supported by the government’s stamp duty holiday scheme.

House builders such as Taylor Wimpey, Barat Development and Persimmon saw their share price jump higher.

Where next for Persimmon share price?

Persimmon share price trades above its 50 & 100 sma & its ascending trendline dating back to early November in an established bullish trend. The RSI is supportive of further upside.

Bulls will be aiming for 3330p the all time high.

A move below 3115p could negate the near term uptrend and open the door to 3000p and 2960 the 100 sma.

Build your confidence risk free

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.