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”.
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