Yahoo: London ends lower in as property shares slip

The FTSE 100 has ended the day down 20.3 points to 6,140, as negative broker comment affected property stocks.
British Land fell 2 per cent to £15.52 as investors reacted to news that the property company’s outgoing chairman, Sir John Ritblat, had pocketed £56.6m through the sale of stock. British Land was also pressured by an HSBC downgrade to “neutral” from “overweight”.

Land Securities, which has risen 7.4 cent in the past month, was also hit by profit taking. Its shares closed 2 per cent cheaper at £21.74.

Shares in Kensington Group plunged yesterday as the specialist mortgage lender admitted its profits were being squeezed by "intense" competition.
Kensington was also hurt by fresh concerns over house prices sparked by influential Morgan Stanley economist David Miles, who voiced fears of falls in the next two years. The company's shares tumbled 100p to 805p, making it the biggest faller in the FTSE 350 index of Britain's biggest companies. Kensington specialises in the sub-prime market - such as the self-employed or those with poor credit histories.

Paragon, the lender to landlords, got caught in the backwash, falling as much as 8 per cent at one point before recovering.