Housebuilders' shares tumble after BoE scales back lending scheme The whole housebuilding sectors was dragged down the by surprise announcement with Berkeley Group, Crest Nicholson, Redrow, Countrywide, Galliford Try, and Bellway falling. Mark Carney, the Governor of the Bank of England, said it was appropriate to take measures now to ensure the "evolution" of the housing market is as "constructive" as possible. He said: "Over the past year the Funding for Lending Scheme has contributed to the recovery by helping to significantly improve credit conditions, especially for households. The changes announced today refocus the Funding for Lending scheme where it is most needed - to underpin the supply of credit to small businesses over the next year - without providing further broad support to household lending that is no longer needed. The Governor said: We did not see an immediate threat coming from the housing market but we are concerned about the prospective evolution of the housing market," he told reporters. Across the board, homebuilder shares have been lifted this year by Government moves to boost mortgage lending and the wider recovery in the housing market. Until today, Persimmon shares had risen 47pc since the start of the year, a move hat helped the company into the FTSE 100 in June. Similarly, Taylor Wimpey had gained 64.6pc and Barratt rose 58.5pc. Chancellor George Osborne said now was the right time to turn the scheme's firepower on small businesses. He said: "Small firms are the lifeblood of our economy. That's why we're reforming the banks, introducing the employment allowance and now focusing the Funding for Lending Scheme to support them.