LONDON, July 8 ― London's FTSE 100 ended higher yesterday, helped by heavyweight mining and consumer staple stocks, while data showed UK house prices fell for the first time since January.

The blue-chip FTSE 100 rose 0.7 per cent, led by base metal stocks with miners including Rio Tinto, Glencore, Anglo American and BHP up between 2.6 per cent and 3.1 per cent.

British house prices in June fell in monthly terms for the first time since January as the government prepared to scale back its tax break for home-buyers, mortgage lender Halifax said. However, they rose 8.8 per cent in annual terms.

"There will be a slowdown as life returns to normal and starts to eat into savings and workplaces evaluated their future models,” said Danni Hewson, financial analyst at AJ Bell.

"But current low interest rates coupled with the availability of low deposit mortgages will prevent any kind of bubble pop.”

Homebuilder stocks have gained 1.5 per cent so far this year on rising home prices and demand for bigger homes, but have largely underperformed the FTSE 100.

Cheap borrowing costs, higher commodity prices and re-opening optimism have helped the FTSE 100 gain 10.6 per cent so far this year. However, the index has underperformed its European and local mid-cap peers.

After being the top gainers in the morning, energy stocks , down 0.6 per cent, retreated to become the biggest drag on the index amid volatility in oil markets.

"Opec+ haven't been able get a deal together, initially people thought it was a good news. But essentially it means that they will come back with something and that reverse oil prices,” said Keith Temperton, equity sales trader at Forte Securities.

Dollar-earning consumer staples stocks, including Unilever, Reckitt Benckiser Group, British American Tobacco and Diageo Plc rose between 0.7 per cent and 1.5 per cent, and were among the top gainers on weaker pound.

The domestically focussed mid-cap index gained 0.3 per cent.

British online betting firm 888 down 6.5 per cent, was the biggest drag on the mid-cap index after the company signalled that a reopening of outdoor venues after coronavirus lockdowns was hurting daily revenues in the country.

PageGroup and Robert Walters both gained 3.0 per cent each after the British recruiters raised their annual profit forecasts on increased hiring across their biggest markets last month. ― Reuters