LONDON, July 26 (Reuters) - Shares in British propertydeveloper Capital & Counties fell 5 percent and ledlosses among UK housebuilders on Tuesday after it wrote down thevalue of one of its prime holdings in London by more than 14percent.
The company said the valuation cut at its Earls Courtholdings reflected valuers' assessments of weaker sentiment inthe central London residential market following last month'svote to leave the European Union.
Morgan Stanley analysts said that in the near- tomedium-term, the outlook for the company remained challengedowing to rising supply and falling demand for new high-endapartments in London.
Capital & Counties said in a statement it was too early tomake firm predictions following the result of the EU referendumbut argued that the firm's low leverage and modest capitalcommitments put in a strong position to withstand macroeconomicuncertainty.
Shares of other UK homebuilders were on the back foot onTuesday with London-focused Berkeley Group down 2percent. Taylor Wimpey, which is scheduled to reporthalf-year results on Wednesday, was off 1.7 percent. Real estateagent Foxtons Group slipped 2.8 percent. (Reporting by Vikram Subhedar; Editing by Andrew Heavens)
Taylor Wimpey (TW.)
