Real Estate
Goldman Tells Clients to Stop Shorting UK Property Stocks
- Strategists end bearish call on good signs in housing market
- Goldman expects first Bank of England rate cut in August
Offices in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Goldman Sachs ended a recommendation to short UK real estate stocks, saying the housing market is stabilizing and interest rates should start to come down from next summer.
“The real estate market is holding up: housing prices edged up last month amid encouraging signs that mortgage rates are starting to come down,” strategists including Sharon Bell wrote in a note to clients. They removed their advice to bet against the sector, while also downgrading European banks to neutral on the rates outlook.