UK housebuilders rally on first-time buyer scheme; miners drag FTSE lower

The FTSE 100 closed down 0.1% at 10,684.88, as strong gains from UK housebuilders were offset by sharp declines in mining stocks amid lower metal prices. Housebuilders surged after the government announced "Your First Home," a scheme allowing eligible first-time buyers to purchase new-build properties with a 2.5% deposit and a government-backed equity loan of up to 20%. Barratt Redrow jumped 12%, while MJ Gleeson, Persimmon, Bellway, and Taylor Wimpey rose between 10% and 20%. Mining stocks fell sharply, with Fresnillo down 5.1% and Endeavour Mining down 4.5%, as a strengthening US dollar weighed on gold prices. Nvidia bucked the weaker Wall Street trend, rising 2.2% after authorizing a record $150 billion increase to its share buyback programme.