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Property stocks soared this morning after the government last night loosened lockdown restrictions on the UK housing market.

Shares in London estate agent Foxtons surged 8.31 per cent to 43.65p and online platform Purplebricks’ stock soared 11 per cent to 37.86p.

LSL Property Services, the owner of Your Move and Reeds Rains, saw its stock rise 6.74 per cent after the government lifted restrictions on estate agents.

Shares in Barratt Developments jumped 1.8 per cent to 500.72p, Bellway’s shares were up 1.99 per cent at 2,511p and McCarthy & Stone shares surged 3.56 per cent to 72.8p.

Berkeley Group’s share price was also up 2.78 per cent to 4,218p, making it the second biggest riser in the FTSE 100 this morning.

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Some housebuilders had already restarted work on construction sites during the lockdown, with Crest Nicholson the latest to announce that building will begin this month.

The developer’s shares jumped 3.76 per cent following the announcement.

Taylor Wimpey was the first this morning to announce a plan to reopen sales offices and show homes.

“The housebuilding sector is in the vanguard of businesses returning to work as lockdown conditions are eased,” said Russ Mould, investment director at AJ Bell.

“The need to get Britain building again is arguably pretty acute as even a short disruption could set back attempts to build enough new homes to meet demand over the long term.”

He added: “The next question will be whether people feel confident enough to buy and sell homes in the current uncertain environment.

“The fact several builders managed to complete transactions and take reservations through the lockdown suggests an impressive degree of resilience in the housing market.”

By Jessica Clark

Source: City AM

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