Seven housebuilders have agreed to pay a total of £100 million to affordable housing programmes following a Competition and Markets Authority (CMA) investigation.
The CMA launched an investigation last year, after concerns that seven housing developers had exchanged details about sales including pricing, number of property viewings and incentives offered to buyers such as upgraded kitchens or stamp duty contributions.
The housebuilders have now offered a package of commitments to address the CMA’s concerns which it will now consult on until 24 July 2025.
Under the proposed commitments, the housebuilders will make a combined £100 million payment, which be split between affordable housing programmes across all four nations. This is the largest financial commitment secured from companies under investigation.
The payment will be used to directly support the delivery of affordable housing across the UK, helping to fund hundreds of new homes for those who need them such as low-income households, first-time buyers and vulnerable people.
They will work with the Home Builders Federation and Homes for Scotland to develop industry-wide guidance on information sharing and agree not to share certain types of information with other housebuilders, including the prices houses have been sold for, except in limited circumstances.
If they are accepted, the commitments will become legally binding and mean that it is not necessary for the CMA to decide whether the housebuilders broke competition law.
Sarah Cardell, Chief Executive at the CMA, said: "Housing is a critical sector for the UK economy and housing costs are a substantial part of people’s monthly spend, so it’s essential that competition works well. This keeps prices as low as possible and increases choice.
"As a result of the CMA’s investigation, housebuilders are taking clear and comprehensive steps to ensure they comply with the law and don’t share competitively sensitive information with their rivals.
"Alongside these measures, the housebuilders we investigated have agreed to pay £100 million towards affordable homes programmes, which will help communities up and down the country."
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