FTSE 100 index opens higher as housebuilders rally on chancellor George Osborne's Autumn Statement national housing budget plans

 
James Nickerson
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Osborne has pledged the biggest housebuilding programme since the 1970s (Source: Getty)

The FTSE 100 index was up in mid-morning trading, led by housebuilders which cheered chancellor George Osborne's plans to double the national housing budget when he presents his five-year spending plan later today.

The UK's top blue-chip index rose 0.82 per cent to 6,329 points.

Persimmon led the index higher, its share price rising 6.06 per cent to 1,890p per share, while Taylor Wimpey rose 4.55 per cent to 186.1p per share.

Meanwhile, Barratt Developments' share price was up 4.2 per cent at 582.75p and Berkeley Group's stock rose 4.05 per cent up to 3,163p per share.

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Tourism-based stocks including TUI and Carnival also rose after falling yesterday as markets got spooked on political risks. TUI's share price rose 1.96 per cent to 1,089.5p, while Carnival's stock was up 1.71 per cent to 3,452p per share.

Burberry, meanwhile, managed to recoup some losses, risng 1.09 per cent up at 1,208.5p per share after falling yesterday after having been downgraded by Nomura.

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However, Shire's share price fell 1.7 per cent on opening to 4,567p after a report by Reuters that suggested the biopharmaceutical company was preparing to make a takeover offer for US biotech firm Baxalta.

In the FTSE 250, Thomas Cook's share price rose 8.49 per cent to 106.7p as it posted its first annual profits in five years, while Zoopla was also up 1.46 per cent to 221.4p per share and Bovis Homes group rose 4.27 per cent to 914.25p per share.

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