Persimmons, Home Builders Decline

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Author: 123jump.com Staff
123jump.com
Last Update: 4:35 PM EDT April 24 2008

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UK home prices declined by 2.5% in March from February but were 1.1% higher than a year ago. For the month, the standardised house price was at £191,556. UK prices have increased 171% over the past ten years and 51% over the last five years and the average UK home price has risen by £120,860 during the past decade from £70,696 to £191,556. Separately, home builder Persimmons reported in its interim report that tight mortgage lending has affected sales and a rise in cancellations.

Eurasian Natural led decliners in the FTSE 100 stocks with a drop of 7.75%, in Schroders Plc of 6.68%, in Persimmon Plc of 6.38%, in Schroders Plc-NV of 5.31%, and Thomas Cook Group of 5.16%.

Persimmon and other homebuilders fell after HBOS said house prices fell by 2.5% in March. Home Retail Group shed 3.92% and British Land Co. fell 3.42%.

Commodity stocks also slumped after crude oil prices dipped to $117 per barrel and gold prices declined below $900 per ounce. Antofagasta shed 4.99%, Rio Tinto declined 4.09% and BHP Billiton fell 4.05%.

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