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FTSE 100 Live: Stocks to gain, house prices break 12-month dry spell

Published 01/03/2024, 08:01
Updated 01/03/2024, 08:01
© Reuters.  FTSE 100 Live: Stocks to gain, house prices break 12-month dry spell

Proactive Investors - UK housing prices in recovery mode.

Nationwide’s House Price Index rose by 1.2% year on year in February, breaking a 12-month streak of declines while smashing market expectations of a 0.7% increase.

It comes a day after data from Zoopla showed the number of mortgages agreed had increased 15% across the UK in January, also bearing expectations.

The data suggests the darkest days of the cost-of-living squeeze may be over, with prospective homebuyers returning to the market.

Borrowers have also been flocking to deposit-free mortgages, while the government’s anticipated support for 99% mortgages in the upcoming budget is likely to spur market activity further.

FTSE 100 to open add 50 points

The FTSE 100 is expected to add up to 50 points to 7,689 when markets open, after closing essentially flat yesterday.

On the macroeconomic calendar, Nationwide housing prices for February came in hot at 1.2% higher year on year, smashing forecasts of 0.7% and marking the first yearly increase in over 12 months.

On the company news front, Rightmove PLC (LON:RMV), Pearson PLC (LON:PSON) and Tritax Big Box will shortly have their annual results out.

Overnight, the US markets notched up new records, with Nasdaq closing 0.9% higher at 16,091 points and the S&P 500 0.5% higher at 5,096 points.

The Dow Jones finished 0.1% higher at 38,996 points.

Read more on Proactive Investors UK

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