House builders surge as house prices hit record high

Rocket taking off on a bright day
Fiona Cincotta
By :  ,  Senior Market Analyst

House builders are leading the FTSE higher after the Halifax house price index revealed that house prices surged to a record high in May.

The average property increased in value by £3000 or 1.3%. Prices rose 9.5% on an annual basis.

Heading towards the traditionally busy summer period the housing market remains supported by the government’s stamp duty holiday scheme.

House builders such as Taylor Wimpey, Barat Development and Persimmon saw their share price jump higher.

Where next for Persimmon share price?

Persimmon share price trades above its 50 & 100 sma & its ascending trendline dating back to early November in an established bullish trend. The RSI is supportive of further upside.

Bulls will be aiming for 3330p the all time high.

A move below 3115p could negate the near term uptrend and open the door to 3000p and 2960 the 100 sma.

Related tags: Equities

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