Housebuilding shares continued their rebound today as traders eyed value in the sector after yesterday’s quarter point cut in interest rates.

Retail-to-broadband firm Carphone Warehouse today looked set to make its debut in the FTSE 100 Index of blue chip companies when the latest reshuffle takes place later this month.

London’s blue-chips struggled to make headway today as banking and mining stocks weighed on the market.

British housebuilding giants Taylor Woodrow and George Wimpey warned today they expected “less buoyant” market conditions over the rest of this year.

A surge in shares in Alliance Boots fuelled an advance for the London market today as investors jumped on the stock after a bidding war for the pharmacy and retail giant erupted in the City.

Property stocks added some strength to the London market today after news of further consolidation in the housing sector buoyed shares.

UK housebuilders George Wimpey and Taylor Woodrow are understood to be in talks over a £5bn (€7.4bn) merger in a deal that would catapult the new group into the FTSE 100 Index, reports reveal today.

British housebuilder George Wimpey took the shine off an otherwise strong performance in the UK today by warning that it faced “very poor” conditions in the United States.

UK housebuilder George Wimpey detailed the problems facing its US business today as it revealed a 35% fall in the value of its order book there.

Following Tullow Oil’s announcement made yesterday that David Williams has been appointed a non-executive director, the company has made the necessary declarations to the stock exchange.

George Wimpey Plc, Britain’s biggest homebuilder by revenue, said profit in the first half increased 29% as the company expanded US output and benefited from rising house prices.

British housebuilder George Wimpey soothed nerves over the impact of higher interest rates today as it unveiled a 29% rise in half-year profits to £158.5m (€239m).

Wimpey has stated that higher interest rates are slowing down the rate of house price inflation.

George Wimpey Plc, Britain’s biggest homebuilder, said first-quarter revenue increased, buoyed by rising demand for its houses in Britain and the US.

Abbey National and Friends Provident took starring roles on the London market today after both impressed with half-year updates.