UK’s biggest housebuilders could face hefty fines following damning probe into housing crisis

EIGHT of the UK’s biggest housebuilders could face hefty fines over concerns they have shared information that could worsen the housing crisis.

The Competition and Markets Authority watchdog yesterday released the findings of a year-long probe into why not enough homes are being built.

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It found evidence that some developers were sharing confidential sales data that could limit supply of new homes, and keep prices high.

Barratt, Bellway, Berkeley, Bloor Homes, Redrow, Persimmon, Taylor Wimpey and Vistry are being investigated while their shares fell by an average of 2 per cent yesterday.

CMA boss Sarah Cardell said it was “not one of the main drivers” of the housing shortage but it was focused on “tackling anti-competitive behaviour”.

The authority has the power to fine companies up to 10 per cent of their revenues if it finds they have reduced competition by breaking the law.

It said the UK relied on the eight housebuilders for 60 per cent of new homes, which are only built if the developers are confident they will not lose money.

Last year Taylor Wimpey told investors it was building a third fewer homes because buyers were struggling to afford a mortgage.

The CMA called on the Government to make a “significant intervention” over “fundamental concerns” with the market.

The watchdog also blamed the UK’s “complex and unpredictable” planning system for a constant failure to hit housing targets.

Last year 250,000 homes were built, well short of the Government’s 300,000 goal.

The watchdog found many planning departments were under- resourced, lacked clear targets and relied on out-of-date local data.

It recommends councils take control of amenities on housing estates, to save homeowners from high and unclear charges on issues like drainage.

The CMA also warned of the poor quality of new homes and called for an Ombudsman to manage cases, such as collapsing staircases and ceilings.

Homeowners had unclear routes to seek redress, it added.

A Super Dry win

SUPERDRY has settled a trademark row with Dryrobe, the outdoorsy brand that has boomed on the back of a recent fad for cold water swimming.

Superdry took Dryrobe to court for using the same font in its branding and the word “dry”.

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Court documents show Dryrobe has agreed to stop using “dry” in the same Helvetica font.

It is a small win for founder Julian Dunkerton, married to fashion designer Jade Holland Cooper.

He is in talks with buyout funds about raising cash to take Superdry private ahead of a bid deadline this Friday.

Ryanair’s fare fear

RYANAIR has warned air fares could rise by another ten per cent as it blamed glitch-prone plane-maker Boeing.

The budget airline said new jets may not arrive in time for the summer holiday peak, meaning some of its flights may be cancelled and ticket prices could be dearer.

Boeing is delaying delivering new planes after regulators ordered it to make extra safety checks on its 737 Max jumbos after a door blew out mid-flight.

Ryanair boss Michael O’Leary called the Boeing situation “a s***show” and suggested his firm would be seeking compensation.

Houthi’s hit half

MORE than half of British exporters are being hit by disruption caused by Houthi rebel attacks on shipping in the Red Sea, according to a survey by the British Chambers of Commerce.

The poll found that 55 per cent are facing extra costs and three-week delivery delays for goods because ships are being re-routed.

Container vessels are taking longer routes around South Africa’s Cape of Good Hope to avoid the violence.

Retailers and the car industry have been affected already, with experts warning of shortages if problems persist.

This post first appeared on thesun.co.uk