World Economy

UK Estate Agents’ Fears Rise

UK Estate Agents’ Fears RiseUK Estate Agents’ Fears Rise

Faced with a falling number of home transactions, listed estate agents had hoped the certainty of the UK’s referendum result would help to revive their fortunes, Bloomberg reported. Instead they have found their shares pummeled since the vote to leave the EU, on the expectation that nervous consumers will add to the chill in the housing market as the shock of the result sinks in. Foxtons’ shares have shed 37% of their value since the vote, while its listed peer Savills is down 26% and Countrywide 32%. Early anecdotal evidence suggests that many homebuyers are withdrawing from the market or putting their purchases on ice while they assess the effect of Brexit on their finances and on house prices.