Developers, contractors and housebuilders all see share prices plumment
Construction companies listed on the London stock exchange have been hammered in early trading following the British public鈥檚 vote to exit the European Union.
The housebuilders were worst hit in this morning鈥檚 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 好色先生TV Value, said the large drops in share prices was a 鈥渒nee-jerk reaction鈥� to the news on what he called 鈥渁 dark day鈥� for the UK.
He said: 鈥淭he expectation is that the UK will not be such a popular destination for overseas buyers and less international money will be coming in.鈥�
He added that 鈥渋f the financial services up sticks there will be less demand for property in London鈥�.
| Company | Share price change% * |
| Persimmon | -24.3% |
| Taylor Wimpey | -23.9% |
| Derwent London | -23.2% |
| Crest Nicholson | -21.7% |
| Barratt | -20.9% |
| Berkeley | -20.7% |
| Bellway | -20.4% |
| Galliford Try | -19.2% |
| Bovis Homes | -18.9% |
| Great Portland Estates | -18.8% |
| British Land | -18.5% |
| Land Securities | -16% |
| Balfour Beatty | -9.5% |
| Carillion | -8.4% |
| Kier | -7.4% |
| Morgan Sindall | -4.7% |
*Correct as of 10.40-10.45am
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