S&W's Frikkee backs UK housing recovery with Lloyds stake

Tineke Frikkee has bought into Lloyds as a play on the housing recovery, in one of her first trades since joining Smith & Williamson to run its £9m UK Equity Income trust.

Frikkee has built up a 2% position in Lloyds as part of a wider call on the UK property sector. Despite being largely negative on the UK banking sector, Frikkee expects Lloyds to benefit from a continued strengthening of the country’s mortgage market. A report released by the Royal Institution of Chartered Surveyors last week showed property prices gathered momentum across the first half of 2013, rising for four consecutive months as the number of buyers in the market hit a four-year high. Frikkee expects Lloyds’ exposure to the mortgage market to support its return to the dividend re...