Builders lose £18.4bn as sector crashes 87% in 18 months

Plummeting share prices and diminished confidence has seen total losses in the housing sector hit £18.4bn and the value of the sector crash 87% in 18 months.

Nearly £750m for 21% was wiped off the value of Britain’s largest builders yesterday in the wake of Taylor Wimpey’s problems.

And the seven biggest listed builders are now worth just £2.8bn compared with £21.2bn at their height.

According to the Evening Standard, analysts have advised clients to sell Taylor Wimpey, Barratt Developments and Redrow.

Persimmon and Bovis Homes have moved from buy to hold.