Friday, November 16, 2007

A&L down 4.5%; Barclays down 2%; Interbank rate UP; Property groups tanking

A&L dives on credit worries

Property groups were also on the slide as RICS data showed demand from tenants had fallen dramatically. British Land was down 5 per cent at 867p, driven by Lehman Brothers cutting from overweight to equal weight and warning that the market was fearful of a further writedown of the unsold Meadowhall shopping centre and risky further City developments. Land Securities lost 4 per cent to £14.39 thanks to Citigroup cutting its price target.UK Commercial Property Trust was down 5 per cent to a new low of 68p.

Posted by disillusioned @ 11:07 AM (627 views)
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One thought on “A&L down 4.5%; Barclays down 2%; Interbank rate UP; Property groups tanking

  • tyrellcorporation says:

    For me this is the most significant sentaence in this article:

    ‘Property groups were also on the slide as RICS data showed demand from tenants had fallen dramatically.’

    As I suspected, younger people are now choosing to stay at home with mum & dad (so much for the benefits of high house prices – Parents will be seeing a lot more of their siblings) or living at much higher densities. The fabled surge in rental demand IMHO won’t happen and is wishful thinking in the part of BTLs.

    I know plenty of friends now into their 30’s who are living with parents, in fact off the top of my head, at least 4 are. They tend to be single too because all property values (rental or to buy) are only really achievable with two salaries. They also realise that hose-piping 70% or more of your take-home pay to finance someone else’s mortgage is absurd.

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