UK Homebuilder Shares Tumble After Budget Lacks Clarity on Buyer Scheme

Economic Times Markets · stocks

British homebuilder shares experienced a significant slump following the finance minister's budget announcement, which failed to provide clear details on a planned first-time buyer scheme. The sector index dropped over 4%, with major companies like Barratt, Redrow, Taylor Wimpey, and Persimmon seeing declines of more than 5%. While the 'Your First Home' scheme is slated for next spring with £4.7 billion in government-backed lending, analysts are concerned about the funding level and duration.