The bubble’s burst. That’s the view of analysts and agents following the morning’s news, that the UK can’t even get along well enough with its geographically and culturally closest allies to do collective business. Housebuilders’ shares are tumbling, 20% down already, and transactions are expected to halt while anybody with money to spend wonders exactly what’s in store for their jobs, investment, security. Quoted in the FT, JLL’s head of residential research expects annual falls between 3% and 5% in 2017 and 2018 "based on the best case scenario of a relatively orderly adjustment to our new political realities”. Presumably he said that before Cameron’s speech this morning, in which the rudder fell off the ship. Read more here.
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