Every FTSE 350 housebuilder’s share price jumped after Andrea Leadsom quit the race to become the UK’s next prime minister.
With only home secretary Theresa May left in the race, values across the industry rose an average of 6.4%.
May is set to be PM by Wednesday after David Cameron confirmed he would leave Downing Street.
She was the overwhelming favourite in an Estates Gazette survey of more than 500 readers earlier this month.
From July 1: Property industry backs May
Earlier this year, she turned her focus on property owners and offshore shell companies, launching a consultation into new “unexplained wealth orders” and powers allowing authorities to label companies that are a “money laundering concern”.
Taylor Wimpey and Crest Nicholson’s shares had risen by over 9% and 8.6% after this morning’s announcement Leadsom had quit the race.
REITs have also seen a day of rises as British Land and Land Securities were both up by over 3%.
Since last week, share prices across the FTSE 350 have climbed steadily, while the FTSE 100 hit an 11-month high on 11 July.
Property shares rollercoaster post-Brexit
Bosses grab shares amid Brexit chaos
Melanie Leech, chief executive of the British Property Federation, said: “Following a period of considerable uncertainty following the Referendum result, the swift appointment of a new Prime Minister should help to re-establish market stability and to restore investor confidence in the UK’s real estate market.
“We look forward to engaging with Theresa May’s team to further promote the real estate sector as a vital contributor to the UK’s economy and the critical role it plays in regenerating our towns and cities and creating great places.
“There are a number of areas that we would hope to see her new team prioritise, such as decisions over major infrastructure projects and further stabilisation of the economy.”
Richard Tice, chief executive of Quidnet Capital, and co-founder of the Leave.eu campaign, said: “From my perspective as a leading Brexiteer, the good news is that the Tory Party has realised the need for some urgent leadership which has been sadly lacking.
“I am pleased to hear her clear statement that Brexit means Brexit despite these ridiculous notions from supposedly intelligent professionals like 1,000 barristers who clearly don’t believe in democracy.
“Business people now need to go with the programme and start driving the nation forward.”
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