Fitch ratings report UK Property Sector……
Fitch Ratings report-London-16 August 2016 headlines ‘UK Property Sector May Face Long-Term Brexit Pressure’ The UK vote to leave the EU could translate into longer-term negative sentiment for the UK property sector, but is unlikely to directly lead to near-term rating downgrades, Fitch Ratings says.
Uncertainty over the form and timing of Brexit will weigh on confidence for property purchasing and leasing. The ability of London’s economy to remain strong in the long term will be a key factor in vacancy rates and the renewal of long-term lease agreements.
The recent gating of several property funds could lead to the sale of some property holdings and suspend a source of demand, which could lower values and increase LTV ratios. Early indications are that sellers will not lower values too readily, but the key test will be whether debt providers will be willing to refinance loan facilities and on what terms. more….
Source of news article Fitch Ratings
Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide has helped investors fund a century of growth and make important credit judgments with confidence.
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