Something very odd happened in the property market in June as real estate companies were required to get quarterly valuations of their assets. Come the end of June, the startling outcome of the referendum vote put all those numbers up in the air.
The prices of the quoted housebuilders plummeted, offering a significant buying opportunity. Property valuers threw their hands up in the air, saying they couldn’t possibly value the assets because of the uncertainty. They then put in some strong caveats in their valuations.
One of the companies affected was Ediston Property Investment Company, highlighted this week. Its valuer, Knight Frank, took the view that with the Brexit vote only a few days beforehand, there was insufficient certainty to produce a useful number.