Theresa May’s announcement of plans to introduce an additional levy on foreign buyers of British homes sparked a sell-off among housebuilders, with Berkeley Group to the fore. Berkeley, which is particularly exposed to London, the most popular British city for overseas residential investment, fell 124p, or 3.4%, to £35.55.
The government has proposed an additional stamp duty levy of between 1% and 3% for individuals and foreign-based companies buying homes in the UK.
It is estimated that the additional tax would raise between £40m and £120m a year.
