On 15 June, before the referendum, the housebuilder Berkeley Homes reported a 20 percent fall in reservations for new homes. It said it had not launched any new schemes in London this year, blaming the EU referendum and changes in government policy
Its selling price for homes is around twice that of other FTSE 100 housebuilders, reflecting its focus on the London market.
As market analyst Anthony Codling of Liberum Capital puts it: “Berkeley has the highest private average selling price and the highest exposure to central London. That means it also has the highest share of discretionary buyers. It has therefore most to lose from uncertainty in the wake of a … leave decision, as the stock market has already figured out quite clearly.”