Are Housebuilders Being affected by “Brexit”?
Property stocks dropped on Tuesday with real estate investment trusts dropping after Standard Life Investments suspended trading in a real estate fund and housebuilders slumping on worries about the sector’s outlook after a Brexit.
Taylor Wimpey share price dropped almost 10p down to 121p, Brexit has provided media with the opportunity to turn a drama into a crisis, and eventually it may become self fullfilling, market sentiment should change but at what cost and how much damage will be done in the mean time.
Persimmon PLC yesterday released a trading update, they reported that trading through the first half of the year has been strong.
They stated in the trading update that It remains too soon to judge the effect that the result of the EU Referendum will have on the UK new homes market. They believe that market fundamentals remain strong, supported by long term unfulfilled demand, and that the UK housing market will continue to provide good opportunities for those companies with the right strategic focus and the balance sheet strength to navigate future changes in trading conditions. They believe their focus on building traditional family housing in attractive locations for all purchasers from first time buyers to home movers will continue to attract customers in good numbers. The Group remains committed to building the new homes across the country that Britain needs. Persimmon shares were down around 7% on the day yesterday.
Read the full trading report for Persimmon PLC click here.
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