BUDGET 2017: Shares in every FTSE 350 housebuilder fell in the minutes after chancellor Philip Hammond delivered his 2017 Budget.
Barratt Developments’ share price fell 2.5% in the 20 minutes following Hammond’s speech, with Persimmon’s falling 3.2% in the same time.
Each major housebuilder’s share price fell at 1.30pm, around the time the major housing announcements were made. These included what the chancellor called an “urgent” review on the gap between residential planning permissions and completions.
Like Barratt, Taylor Wimpey fell 2.5%, while Galliford Try fell by a more modest 0.7% at the Budget’s close.
Crest Nicholson and Countryside were the only two whose share price, at the time of writing, had risen on their Wednesday open price. However, their values also dipped at 1.30pm.
Meanwhile, there was little movement among REITs.
Of the major listed property companies, British Land had the biggest change during the chancellor’s speech, increasing half a percent.
The pound was also subdued, dipping slightly versus the US dollar during the Budget, falling from a high of $1.328 at 9am to $1.327 at the time of writing.
The FTSE 100 has risen 0.55% so far today, while the FTSE 250 has risen 0.47%.
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