Valuers drop Brexit clauses from most contracts

Bengaluru

FIVE big property services firms are dropping Brexit uncertainty clauses from their valuation reports for most UK assets as market conditions steady after a sharp drop immediately after Britain's vote in June to leave the European Union.

The original Brexit clause, seen by Reuters, stated there was a reduced probability that valuers' opinions of the worth of a UK property would exactly coincide with the price its potential sale fetched.

British property was among the sectors hardest hit by the vote in favour of Brexit and at one point commercial property funds worth over £18 billion (S$31.8 billion) were suspended amid high redemptions from investors conc…