Europe

Pound down sharply amid concerns for British property

  • "Remain" supporters demonstrate in Parliament Square, London, to show their support for the European Union in the wake of the referendum decision for Britain to leave the EU, known as "Brexit", Saturday July 2, 2016. Demonstrators wearing EU flags as capes and with homemade banners saying "Bremain" and "We Love EU" gathered on the streets for the March for Europe rally. At rear right is the Elizabeth Tower containing Big Ben. (Daniel Leal-Olivas/PA via AP)

    "Remain" supporters demonstrate in Parliament Square, London, to show their support for the European Union in the wake of the referendum decision for Britain to leave the EU, known as "Brexit", Saturday July 2, 2016. Demonstrators wearing EU flags as capes and with homemade banners saying "Bremain" and "We Love EU" gathered on the streets for the March for Europe rally. At rear right is the Elizabeth Tower containing Big Ben. (Daniel Leal-Olivas/PA via AP)  (The Associated Press)

  • British ruling Conservative Party Member of Parliament Andrea Leadsom launches her campaign in London, Monday, July 4, 2016. British Prime Minister David Cameron resigned on June 24, after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)

    British ruling Conservative Party Member of Parliament Andrea Leadsom launches her campaign in London, Monday, July 4, 2016. British Prime Minister David Cameron resigned on June 24, after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)  (The Associated Press)

  • British Home Secretary and leadership candidate for Britain's ruling Conservative Party Theresa May arrives for a cabinet meeting at 10 Downing Street in London, Tuesday, July 5, 2016. British Prime Minister David Cameron resigned on June 24 after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)

    British Home Secretary and leadership candidate for Britain's ruling Conservative Party Theresa May arrives for a cabinet meeting at 10 Downing Street in London, Tuesday, July 5, 2016. British Prime Minister David Cameron resigned on June 24 after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)  (The Associated Press)

The British pound is down sharply, as are shares in U.K. real estate companies, amid concerns that the exit from the European Union will hurt property prices.

The news comes after financial group Standard Life moved to stop trading in a commercial property fund. The move came after a rapid increase in investors trying to liquidate their holdings.

Standard Life stopped trading to protect other investors who wished to remain in the fund.

The pound was down 0.9 percent to $1.3166 on Tuesday, its lowest so far since the vote and the weakest in 31 years.

The benchmark FTSE 100 stock index was down only 0.3 percent, but that masked big drops in property companies' shares. Barratt Developments was down 6.2 percent, Taylor Wimpey 6.5 percent and Persimmon 5.4 percent.