Housebuilder shares crash more than 20% after Brexit vote

Construction companies listed on the London stock exchange have been hammered in early trading following the British public’s vote to exit the European Union.

The housebuilders were worst hit in this morning’s carnage, with Taylor Wimpey, Bellway, Barratt, Crest Nicholson, Persimmon, Berkeley Homes and Bovis Homes all down around 20%.

Developers also took a hit with Derwent London seeing a 18% drop in its share price, while British Land and Great Portland Estates saw their stocks drop in value by 16%.

All these firms were trading far worse than the rest of the FTSE 100, with the index as a whole trading down around 5%.

The contractors were not left unscathed in the fall-out, but shares were generally down by single digit percentage points.

Tony Williams, analyst at Building Value, said the large drops in share prices was a “knee-jerk reaction” to the news on what he called “a dark day” for the UK.

He said: “The expectation is that the UK will not be such a popular destination for overseas buyers and less international money will be coming in.”

He added that “if the financial services up sticks there will be less demand for property in London”.

*Correct as of 10.40-10.45am