U.K. homebuilder and property stocks jumped Wednesday after slower than expected inflation data boosted hopes that the Bank of England can soon stop raising interest rates.
“In the context of still strong domestic inflation pressure, I expect the Bank to hike rates once more by the end of the year,” said Melanie Baker, Royal London Asset Management’s senior economist. The prospect of borrowing costs stabilizing lifted interest rate-sensitive sectors in London. Housebuilders Persimmon PSN, +4.68%, Barratt Developments BDEV, +4.63% and Taylor Wimpey TW, +5.51% rose between 4% to 5%, while property groups such as British Land BLND, +5.21% and Land Securities LAND, +4.67% also gained ground.
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