Estate agents Foxtons, appear to have been the biggest losers from the Autumn Statement on the stock exchange today after chancellor Philip Hammond announced plans to scrap letting agents’ fees.
Estate agents: losers
Foxtons' share price fell 14 per cent to 105pon the day of the Autumn Statement.
The estate agent’s shares were already down from 123p to 114p before the statement, in anticipation of the letting fees move.
LSL Property Services was down five per cent to 207p
Belvoir Lettings was down six per cent to 117p
And Countrywide was down six per cent to 192p.
AJ Bell investment director Russ Mould predicted that brickmakers Ibstock and Forterra would be among the big winners from the Autumn Statement, with a new £1.4bn pledged to deliver 40,000 affordable homes.
Both companies’ shares were slightly down at the time of writing, however.
He suggested infrastructure players like WS Atkins, Kier Group, Hill & Smith, Balfour Beatty and Renew Holdings would also benefit.
However, all of these companies' share were relatively flat also.
Despite the chancellor announcing an insurance premium tax (IPT) rise, shares in insurers like Admiral, AA and Esure have not immediately been hit.
Experts have suggested that consumers, rather than insurers, will be hit by the change.
And the news may not have come as a surprise to insurers. PwC tax partner Benjamin Flockton said it was "not wholly unexpected". He added: "Insurers have been predicting a trend of IPT ultimately aligning with the UK’s 20% VAT rate."