LONDON, March 20 (Reuters) - Shares in Barratt Developments and other UK house builders rallied on Wednesday after British finance minister George Osborne announced a homebuyers’ initiative in his budget statement to parliament.
Barratt Developments climbed 4.5 percent, topping the UK FTSE 250 index, reflecting gains from sector peers, with Redrow, Bellway, Persimmon and Taylor Wimpey up 2.9 to 3.6 percent.
“First, we’re going to commit 3.5 billion pounds ($5.29 billion)of capital spending over the next three years to shared equity loans. And we’re offering guarantees sufficient to support 130 billion pounds of mortgages. It will be available from start of 2014 - and run for three years,” Osborne told parliament. ($1 = 0.6615 British pounds) (Reporting by Tricia Wright, David Brett; Editing by Toni Vorobyova)