UK Mortgage

UK commercial property values fall 3% in July: preliminary IPD index

downloadLONDON: UK commercial property values fell 3 percent in July according to preliminary figures for the closely-watched IPD real estate index, index compiler MSCI said on Friday.

Central London values fell by 3.8% on the month, MSCI said on its website.

Expectations of a sharper fall in property values led retail investors to flee UK property funds last month after Britain voted to leave the European Union, causing as much as 18 billion pounds ($23.24 billion) in property fund investments to be frozen.

MSCI said on the final index results were delayed due to a technical failure.

($1 = 0.7744 pounds) (Editing by Rachel Armstrong)

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