Barratt Developments, Persimmon and Taylor Wimpey were among the biggest fallers, dropping 7% following last night’s update from the government to delay moving house where possible.
Housebuilder Redrow issued a statement to investors informing them of the stop to the construction of new homes to “safeguard the well-being” of their workforce and customers. Its shares fell 6% as a result.
Adam Challis, JLL EMEA executive director of research and strategy, told the Evening Standard: “These are extraordinary measures, reflecting the seriousness of the health risk and difficulties in practically completing a home purchase.”
Housing secretary Robert Jenrick there was “no need” to pull out from transactions but for all parties to agree alternative dates to move. Critical home moves are exempt from the advice.
Kevin Shaw, managing director of retirement living operator Audley Group, said there needed to be greater detail on what constitutes as a critical home move.
He said: “In our view this absolutely has to include those moving into retirement communities. Now, more than ever, these are crucial to our communities. Specialist housing which can meet and adapt to the needs of older people, providing access to care and wellbeing services, support with daily activities including meals, and a strong sense of community, which reduces loneliness in these difficult times.”
Source: Residential - propertyweek.com
