Brexit worries continue to weigh on property stocks, homebuilders' shares

Property and real estate stocks were again weaker, with investors referencing simmering fears regarding the possible impact which Brexit might have on the sector’s high-flying shares.

Stock in builders’ merchant Travis Perkins led the way lower on the Footsie, sliding by 4.62% to end the day at 1,774p, alongside a 3.83% drop in the likes of homebuilder Berkeley Group Holdings or a 3.55% drop on Intu Properties.

Acting as a backdrop, ONS data referencing the month of February revealed the UK’s construction output declined by 0.3% month-on-month, versus economists’ forecasts calling for a flat reading.

All new work and repair&maintenance activity decreased by 0.2% and 0.5% over the month, respectively, the latest government data showed.

Market commentary was also referencing a negative report out of broker Liberum, from Thursday, which weighed on shares of residential property developer Taylor Wimpey.

After the close of markets in London, YouGov would release the results of its latest poll on the subject, showing support for the ‘remain’ camp running a 40.0% against the 39.0% of respondents who said they vote to ‘leave’.

The previous such survey conducted between 11 to 12 April had shown the two camps were running at 39.0% and 17.0%, respectively.

However, in a report released on Thursday, analysts at HSBC argued that support for the ‘remain’ camp might be better than polls suggested.

Voters’ age was not the only factor to consider when trying to predict the result of the referendum, there were many others to take into consideration, such as social attitudes. As well, the broker noted analysis suggesting that those who were currently answering “don’t know” where more likely to lean towards the ‘remain’ campaign.

“In the event, the undecided may err on the side of the 'status quo' rather than take a leap into the unknown. So, even if the polls correctly gauge public opinion today, this could change come 23 June.”