The UK’s largest listed housebuilders saw more than £1bn wiped off their combined stock market value today (10 January) after the government said there would be “no place to hide” from a £4bn cladding remediation bill.
Shares in FTSE 100 builders Barratt Developments, Berkeley Group, Persimmon and Taylor Wimpey ended the session down by between 3.5% (Taylor Wimpey) and 5.2% (Persimmon).
All housebuilders in the FTSE 250 were also down, the steepest fall coming from Redrow, which dropped by 4.5%.
Builders have claimed they are being unfairly singled out, arguing that the building safety regulator and cladding manufacturers should also be held responsible.
“You cannot keep putting all the responsibility on developers,” said Matthew Pratt, chief executive of Redrow. “There is still too much ambiguity, and we would love the government to clarify what’s going on.”
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