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Shares in U.K. Homebuilders Slide After Rightmove Predicts Home Price Slowdown

Investing.com
·1 min read

By Scott Kanowsky

Investing.com -- Shares in U.K. real estate companies fell on Monday, after new data from the property website Rightmove (OTC:RTMVY) suggested that the pace of house price growth will slow to 5% from 9.7% in the coming months.

In its latest house price index, Rightmove warned a string of interest rate increases by the Bank of England will partly eat into consumer demand and weigh on prices.

"Entering the second half of the year, we anticipate some further slowdown in the pace of price rises, particularly given the worsening affordability challenges that people are facing," said Tim Bannister, Director of Property Science at Rightmove.

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Growth in the national average asking price for properties coming to market also slowed in June, despite touching a fifth straight record of £368,614.

U.K. homebuilders Barratt Developments (LON:BDEV), Berkeley Group (OTC:BKGFY) Holdings PLC (LON:BKGH), Persimmon (LON:PSN) and Travis Perkins (LON:TPK), all saw shares slide to near the bottom of Europe's STOXX 600, following the report.

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