EU referendum: Property shares were smashed in early trading this morning following the leave result of the European Union referendum.
The FTSE 250 saw an initial 11.4% drop, and falls of more than 30% were experienced at the outset among the largest companies in the commercial property sector, but there has since been a relative recovery, more closely in line with the market.
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Early trading has been highly volatile but at the time of writing, Land Securities has seen a 14% drop, British Land 16%, Great Portland Estates 15.5% and Helical Bar 12.4%.
JP Morgan said that it saw “most downside risk in London office facing stocks” amidst concerns that the occupational markets may be hit by multi-nationals decreasing their presence in the UK.
Housebuilders have seen greater shockwaves with most down in the region of just over 20% – Taylor Wimpey is down 23.2%, Persimmon 21.5%, Berkeley Group 20%, Barratt 21.2% and Redrow 21.3%.
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