London property stocks were likely to rebound alongside a strengthening pound, analysts at HSBC predicted.
“Once a perceived inflexion point for GBP occurs it will likely present a highly attractive currency-based entry point into one of the world’s most iconic capital cities,” strategists including Stephen Bramley-Jackson wrote in a research note sent to clients, Bloomberg reported.
Hence their decision to upgrade their recommendations for shares of British Land and Land Securities from ‘hold’ to ‘buy’.
Bramley-Jackson reportedly went on to warn against excessive pessimism on the sector at current share price levels, telling clients that the de-rating had run too far when taking into account the outlook and that there was “genuine value” to be found.
