Sales of new US homes surged to a six-year high in May suggesting the housing market is beginning to recover from its recent slowdown.
Sales increased by 18.6% to a seasonally adjusted annual sales rate of 504,000 - the highest level since May 2008, according to the Commerce Department.
However, the S&P/Case-Shiller index, also released on Tuesday, found house price increases slowed in April.
Abu Dhabi United Group, which owns Manchester City football club, will invest in a plan by Manchester City Council to build new homes.
The council plans to build at least 830 new homes in the Ancoats area of the city and neighbouring New Islington.
The plan will need to raise £1bn in the next 10 years and may need further investors to build the homes.
Housebuilder Berkeley Group has reported a 40% jump in annual profits following what it called a surge in economic confidence in the last year.
It said pre-tax profits for the year to 30 April were £380m, compared with £270.7m a year earlier.
The group completed 3,742 new homes in the year, 30% more than at the peak of the housing market in 2007.
Crest Nicholson, the homebuilder, said profit for the first six months of the year jumped 37%.
Buyer demand is "very strong", said the builder.
The company reported profit before tax of £38.4m as revenue rose 26% to £241.1m.
Crest Nicholson returned to the stock exchange last year after a six-year absence. It builds homes mainly in the south of England.
Housebuilder Berkeley Group has said it expects to complete 30% more homes this year than during the 2007 market peak.
It has credited the government's Help to Buy scheme with boosting the property market and speeding up the number of new homes being built.
The firm's forecast comes shortly after the chancellor's decision to extend the equity loan scheme for new homes until 2020, in England at least.
Last year just 109,370 new homes were completed in England, the lowest figure for four years.
Yet the number of households is expected to grow by 221,000 every year this decade.
The result of that shortfall - according to a basic principle of supply-and-demand economics - is that house prices will continue to rise, making them even more unaffordable.
Figures released in HBF’s latest Housing Pipeline report show that planning permission was granted for 52,534 new homes in Q4 of last year, the highest quarterly total since Q1 2008. In total 174,471 planning permissions were granted in England in 2013, the highest annual figure since 2007.
Profits at the house builders Barratt Developments and Redrow have more than doubled, fuelled by rising house prices.
Barratt reported a 162% rise in pretax profits for the six months to the end of December to £120.4m.
Redrow first half profits rose 107% to 47.5m as it announced its first interim dividend in six years of 1p per share.
Bovis Homes pre-tax profits rose by 48 per cent in the year to 31 December 2013 as the group focuses on further improving shareholder returns.
Pre-tax profits were £78.8m in the year, up from £53.2m, with a dividend of 13.5p issued, up from 9p in 2012.
Flats in a new scheme in Battersea Power Station will only be marketed in London, the developer has announced, amid growing concerns that overseas investors are snapping up much of the capital's prime property.
Homes in the second phase of the Battersea development are inside the power station and likely to attract a rush of interest from buyers who want to secure a piece of one of London's most famous landmarks, and could carry price tags of up to £30m.
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