The City has given the shock election result, which appears to be heading towards giving the Conservative Party a slim majority, a resounding welcome.
In early trading this morning the FTSE 100 leapt 133.81 points to 7,020.76, with UK REITs jumping almost 5% as the election results continue to trickle in.
The biggest risers among the REITs were Shaftesbury (up 8.04%), Big Yellow Group (up 6.79%) and Segro (up 6.54%). Other big risers included Great Portland Estates (up 6.29%), British Land (up 4.94%), and Land Securities (up 4.46%).
Away from the REITs, there were big rises in the real estate investment and services sector, which rose 4.38% in early trading to 3,100.33. The biggest winner this morning is Foxtons, which has seen its shares rocket more than 13%, making it the bigest riser on the Al-share market. Savills was not far behind, up 9%, and Countrywide was also enjoying the Conservative victory, up by more than 8%.
In fact, of the top five risers on the FTSE All-Share four were real estate or residential property companies. Joining Foxtons in the top five risers are Berkeley Group, Savills and Countrywide.