STOCKS NEWS EUROPE-UK housebuilders up on Nationwide data

Shares in Britain's housebuilders bounce back, boosted as Nationwide reports British property prices rising for the second time in three months in May.

"News that prices increased in May are likely to be taken positively by those looking to call a bottom to the current downturn," say analysts at Panmure Gordon in a note to clients.

However, they says they see conditions for housebuilders returning to a downward trend over the coming months in the face of little positive economic data, and reiterate their "negative" stance on the sector.

Shares in Taylor Wimpey (TW.L) are up by 6 percent, while Persimmon (PSN.L) is up 5.2 percent, Bellway (BWY.L) is up 1.8 percent and Barratt Developments (BDEV.L) is 2.8 percent higher.

The rises follow declines on Thursday, when the housebuilders had "run out of steam" after the recent rally, analysts said. [ID:nLS972018]

To see the article on the Nationwide data please click on [ID:nLAG003459]

Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net