Property shares dipped after John Fraser Andrews of HSBC said that the recent mini-rally in property stocks was a false dawn and that a long period of below-inflation rent rises was in store. The Times

Hammerson was one of the top fallers, losing 78p to £10.67, as HSBC cut its price target from £12.30 to 765p, saying that the company’s expensive development programme made it most vulnerable to a slowdown. He also downgraded every property business that he covered to 'underweight'. Liberty International was down 69p at £10.09 and British Land lost 47p to 951p.