Pound down sharply amid concerns for British property

The British pound is down sharply, as are shares in U.K. real estate companies, amid concerns that the exit from the European Union will hurt property prices.

The news comes after financial group Standard Life moved to stop trading in a commercial property fund. The move came after a rapid increase in investors trying to liquidate their holdings.

Standard Life stopped trading to protect other investors who wished to remain in the fund.

The pound was down 0.9 percent to $1.3166 on Tuesday, its lowest so far since the vote and the weakest in 31 years.

The benchmark FTSE 100 stock index was down only 0.3 percent, but that masked big drops in property companies' shares. Barratt Developments was down 6.2 percent, Taylor Wimpey 6.5 percent and Persimmon 5.4 percent.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)