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UK housebuilding stocks slump on scaled back lending programme

Reuters - UK Focus

LONDON, Nov 28 (Reuters) - Shares in Britain's housebuilders fell sharply on Thursday after the Bank of England unexpectedly scaled back a scheme to boost mortgage lending.

Barratt Developments (LSE: BDEV.L - news) , Britain's biggest housebuilder by volume, saw its shares slump by as much as 9.6 percent while Persimmon (Frankfurt: OHP.F - news) 's shares tumbled by as much as 6.5 percent.

At 1044 GMT, shares across the housebuilders, including Berkeley Group and Crest Nicholson (LSE: CRST.L - news) were trading between 2 and 7.8 percent lower.

The Bank of England said it would refocus the Funding for Lending scheme on loans to small firms in the face of rising house price inflation