Boris and Brexit cost property funds dear

Prime minister Boris Johnson’s decision to suspend parliament was followed by a tripling of outflows from UK property funds, as investors took fright at the looming prospect of a no-deal Brexit. Investors yanked more money from UK property funds during August than in any other month this year, as political turmoil and the growing likelihood that the UK leaves the European Union without a deal scared them off investing in real estate – values for which are seen as particularly vulnerable to an economic downturn. UK investors pulled a net £334m from domestic funds during August, according to Calastone, the