Under pressure housing and real estate shares jumped today after the news that Ms Leadsom has withdrawn from the conservative leadership race, paving the way for Teresa May to become the next British Prime Minister.
Housing has been under pressure since the Brexit vote result was announced but the news today spurred on a recovery and housing shares were amongst the FTSE100s top risers as the index closed nearly 100 points higher, with housing shares on the FTSE250 also amongst the highest risers of the day as the FTSE250 which is more domestically oriented, advanced over 500 points.
Barratt Developments (BDEV), Persimmon (PSN), Taylor Wimpey (TW) and Berkeley Group (BKG) all closed up around 7% on the day. Travis Perkins (TPK), the building supplier also rose 8% as a result.
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