Brexit vote pushes Berkeley Homes off FTSE 100 index

Shares demolished

June’s shock Brexit vote has led to housebuilder Berkeley Group dropping out of the FTSE 100.

Berkeley, that lost 20% of its share vote after the UK voted to leave the EU, is among housebuilders that have seen their shares fall after a slump in the housing market.

Adjusting for the dividend payout, shares in Berkeley are off by 16%, compared to a 14% fall by its peers.

Russian gold and silver Polymetal is expected to replace Berkeley on the blue-chip index.

Chris Beauchamp an analyst aa IG branded Berkeley “the unhappy poster-boy for the decline of the housebuilder sector” but insisted the post-Brexit clearout in share prices has “actually made the [property] sector look a lot more attractive than it did at the turn of the year”.