In the days after the EU referendum, housebuilding shares slumped. Over two days, housebuilders lost up to 40 per cent of their stock market value. About £8 billion was wiped off the biggest hitters: Taylor Wimpey, Persimmon, Barratt Developments and Berkeley Group.
The markets were worried that the uncertainty caused by such a vote would kill off demand for new homes. How wrong they were. The following year Barratt, the country’s biggest housebuilder, reported that in 2016 it sold the most homes since 2008. Profits rose 12 per cent to £765 million. There was a 39 per cent increase in the final dividend. Berkeley said it was on track to deliver at least £3 billion of pre-tax profit in the five years to 2021 and