Housebuilders’ shares hit hard following Brexit vote

The London Stock Exchange has an automatic mechanism that halts trading on shares that fall by more than 8% on their opening price. Opening at just under 134p, Taylor Wimpey shares tumbled to a low of 116p before recovering to 119p at the time of writing.

Other companies in the construction sector also faltered and in trading this morning Redrow was down by over 13%, Barratt Developments slumped by almost 12%, while Persimmon and Berkeley Group had fallen by over 10%.

The drops followed losses sustained on Friday following the Brexit vote.