Housebuilding shares have fallen to the bottom of the UK’s main stock markets amid a deepening downturn in the property sector.
The largest developers across the FTSE 100 and FTSE 250 were the biggest fallers today after poor industry data and a major profit warning.
Figures from Rightmove showed asking prices for homes in Britain suffered the biggest August fall since 2018 this month as soaring mortgage costs put buyers under pressure.
Meanwhile, more than £50m was wiped off the value of Crest Nicholson shares as the housebuilder issued a profit warning today after trading “worsened during the summer of this year”.
Victoria Scholar, head of investment at Interactive Investor said: “Shares in Crest Nicholson have had a tough time lately, underperforming the UK market, weighed down by the prospect of ongoing inflation, higher interest rates and subdued borrowing.
“And the stock is trading sharply lower in today’s trade, shedding over 12%, pricing in the hefty profit downgrade.
“Its update is weighing on other stocks in the sector like Taylor Wimpey, Persimmon and Barratt Developments which have sunk to the bottom of the FTSE 100. Real estate is the worst performing sector across Europe today.”
Read the latest updates below.
https://news.google.com/rss/articles/CBMiZ2h0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzA4LzIxL2Z0c2UtMTAwLW1hcmtldHMtbmV3cy1jaGluYS1pbnRlcmVzdC1yYXRlLWRyb3AtZWNvbm9teS_SAQA?oc=5
2023-08-21 08:19:56Z
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