Housebuilder share prices have fallen sharply on the confirmation by government this morning that it expects the sector to contribute £4bn to pay to repair unsafe cladding in the wake of the Grenfell Tower fire.

The value of the five largest listed builders all fell by at least three per cent in early trading in London today, with Persimmon at one point more than 4% down on its closing price last Friday.

The falls wiped in the region of £1bn off the value of major listed builders, with Persimmon’s value dropping by more than £300m alone.

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