Property industry shares fall as Parliament is suspended
Boris Johnson's decision to ask the Queen for permission to extend the summer recess sends shock waves through City investors.
29th August 2019 0 28 Views
Shares in almost every property industry company weakened yesterday as the London stock exchange took fright at Boris Johnson’s successful bid to suspend Parliament next month.
Shares in Foxtons, Countrywide, Rightmove, Savills and Purplebricks all dropped yesterday, while shares in The Property Franchise Group, LSL and OnTheMarket saw recent share price rises grind to a halt.
Only Belvoir saw an increase during frenzied share trading, rising by just under 1%.
The UK’s leading house builders also saw their shares drop including Barratt, Bellway, Persimmon, Redrow and Taylor Wimpey, whose shares fell by up to nearly 4%.
City investors are clearly worried that Johnson’s attempt to circumvent parliament and push through a hard Brexit is likely to damage the economy and in particular the fragile housing market.