Close to £15bn was wiped off the value of UK listed real estate firms and housebuilders over the first two days of trading following the UK's shock vote to leave the EU. Housebuilders and REITs took a pounding last Friday as the markets opened, with Taylor Wimpey, Persimmon and Berkeley down by around 40% on early trading, as investors took flight amid fears property would suffer should the UK tip into recession. Among the REITs, Derwent London, Great Portland Estates, Workspace and British Land all saw falls of close to a third, as investors feared the impact a recession - and the possible loss of the City of London's financial passport - would have on occupier demand in the office sector.
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