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Latest property news
Property PLC share prices tumble as global stock markets stumble
The global collapse in share prices has hit the main property market PLCs this morning, except for Hunters. LSL Property Services, which owns Reeds Rains, Marsh & Parsons and Your Move, has been hit the hardest. Its shares had dropped by 7.55% by lunchtime today while almost all the others saw their share price cut too. Countrywide’s already much-reduced share price dropped by 5.1% and Belvoir by 3.8% while all the other saw reductions of approximately 2% including ZPG, Rightmove, Savills, Purplebricks and the Property Franchise Group. These share price drops reflect the wider global collapse in confidence among investors, and although the FTSE 100 Index has been drifting downwards over the past five days, the biggest drop took place this morning when it saw a 3.5% drop at the opening of trading, mirroring similar drops in France, Germany and other European markets. The drops in Europe follow worse falls in Japan and the US, where their key stock market indicators fell by 4.7% and 4.6% respectively. These drops were in turn triggered by improved trading conditions in the US, which led to speculation about potential higher inflation and therefore interest rates across the globe. But the global share price…
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Latest property news
UBS reviews listed agencies
As share prices rose and fell in the post Brexit turmoil, UBS reported on estate agencies listed on the stock market, recommending ‘buy’ for Foxtons and Savills; leaving Countrywide at ‘neutral’ and suggesting ‘sell’ for Purplebricks. The Swiss bank expects UK wide housing transactions to fall 6 per cent this year and 5 per cent the next – with a 10 per cent drop in London in 2017. It believes that online-only agents are structurally altering the landscape of the sector and are gaining significant market share as consumer awareness and willingness to consider using them grows. UBS says that conventional agents most able to differentiate themselves, such as Foxtons and Savills, justify a premium price and will be most successful in withstanding the changes. The bank added that the UK referendum result added significant uncertainty, in particular for the London housing market and it has factored in a declining market in the second half of this year and 2017 within its forecasts. However, in the medium term, it sees organic growth potential at Foxtons, driven by a rollout of five to seven new branches per year. On the other hand, it sees Countrywide most at risk from this shift,…
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Latest property news
Chill wind across the property market
Countrywide, Zoopla, Crest Nicholson, Persimmon and Berkeley all hit by falling share prices.
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Latest property news
Brexit result worries the stock market
Housebuilders, banks and property agencies slip and slide as confusion reigns.
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