The next set of interim results from the big property companies are going to make interesting reading. Many, including British Land, Land Securities and Great Portland Estates, have March financial year ends. This means that their valuers will have to draw up their views on the worth of their portfolios at the end of September. It is going to be difficult, given all the uncertainty over the summer, to take a view on those values.
Most likely there is going to be a lot of guesswork and much prevarication. Great Portland is the first of the big property groups to produce a trading update since the EU referendum, and a degree of caution is already evident. The company is entirely exposed to the London