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Warminster's Brexit bonus - the hobbling of large developers

(June 25, 2016)

FRIDAY'S Brexit decision could provide an unexpected bonus for Warminster and save some of the green fields around the town from development.

On Friday shares in in the top 100 FTSE listed companies fell by three per cent but shares in the big housing developers were down by huge margins.

Taylor Wimpey saw its value fall by 29 per cent in one day while Persimmon lost 27.5 per cent - falling by 578p to just 1520p.

Persimmon, is of course, one of the big developers involved in the Warminster Urban Expansion which could result in an addition 1,500 houses.

Before the referendum vote the chancellor said hoid prices were over valued by 18 per cent because of our EU membership and now it seems they could be heading for a big fall.

Investors have backed that view by selling housebuilders.

Cllr Steve Dancey, who has long believed that unrestricted net migration of 330,000 people a year has been largely behind house price growth, was positive about the impact of the vote.

He said: "It seems very likely that the vote will take the wind out of the sails of housing developers and the heat out of the housing market.

"In these circumstances it would tend to reduce the likelhood of rapid housing development on the outskirts of Warminster and atthe same time lower prices make it a little easier for local young people to buy homes.

"Few people will shed tears for the housing developers or bakers making unwise loans if they have tough times ahead as a result of the people's  very wise vote for independence from the EU." 

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