Prew becomes first leading analyst to call top of market

摘要

Leading real estate analyst Mike Prew rattled more than a few nerves this week with his grim evaluation of the prospects for property values and rents. In a bearish investor note issued on Black Monday - which only added to market unease - the Jefferies analyst cut his capital value growth forecast for next year from 5% to -1% and issued a series of downgrades to listed property stocks. He repealed all his 'buy' ratings and issued five 'sell' recommendations for British Land, Unite, Capital & Counties, Intu and Hammerson, downgrading the first three from 'buy' and the latter two from 'hold'.