Britain’s biggest housebuilders face hefty fines after a damning investigation

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

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

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Evidence was found that some developers shared confidential sales data that could limit the supply of new homes and keep prices high.

Barratt, Bellway, Berkeley, Bloor Homes, Redrow, Persimmon, Taylor Wimpey and Vistry are under investigation as their shares fell an average of 2 percent yesterday.

CMA boss Sarah Cardell said it was “not one of the main causes” of the housing shortage but was aimed at “tackling anti-competitive behaviour”.

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

It says Britain relies on the eight housebuilders for 60 percent of new homes, which will only be built if developers are confident they will not lose money.

Last year, Taylor Wimpey told investors it was building a third fewer homes as buyers struggled to afford a mortgage.

The CMA called on the government to make “significant intervention” over “fundamental concerns” about the market.

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

Last year, 250,000 homes were built, well below the government’s target of 300,000.

The watchdog found many planning departments were under-resourced, lacked clear objectives and relied on outdated local data.

It recommends that municipalities take over the facilities in residential areas to protect homeowners from high and unclear costs for matters such as sewerage.

The CMA also warned of the poor quality of new homes and called for an Ombudsman to deal with cases such as collapsing stairs and ceilings.

Homeowners had unclear routes to seeking redress, it added.

A Super Dry victory

SUPERDRY has settled a trademark dispute with Dryrobe, the outdoor brand that has boomed thanks to a recent cold-water swimming craze.

Superdry has taken 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’s a small victory for founder Julian Dunkerton, married to fashion designer Jade Holland Cooper.

He is in talks with buyout funds about raising money to take Superdry private before the bid deadline next Friday.

Ryanair’s fare scare

RYANAIR has warned that airfares could rise by a further ten percent as it blames aircraft manufacturer Boeing.

The budget airline said new planes may not arrive in time for the summer holidays, meaning some flights may be canceled and ticket prices could become more expensive.

Boeing is delaying deliveries of new planes after regulators ordered the company to conduct extra safety checks on its 737 Max jumbos after a door blew off mid-flight.

Ryanair boss Michael O’Leary called the situation at Boeing “as show” and suggested his company would demand compensation.

Houthi have hit half

More than half of British exporters are affected by disruptions caused by Houthi rebel attacks on shipping in the Red Sea, according to a survey by the British Chambers of Commerce.

The poll shows that 55 percent will face additional costs and three-week delays in the delivery of goods because ships are diverted.

Container ships are sailing longer routes around the Cape of Good Hope in South Africa to avoid violence.

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