Some of the UK's biggest housebuilders are being investigated over whether they have been sharing information which could influence house prices.
The Competition and Markets Authority has launched the probe after a year-long investigation into housebuilding in England, Wales and Scotland.
It also said "significant intervention" in the market was needed to ensure enough homes were built to meet demand.
The watchdog also raised concerns over the quality of new homes.
The CMA said that its investigation had uncovered evidence suggesting "information sharing", which "could be influencing the build-out of sites and the prices of new homes".
CMA chief executive Sarah Cardell told the BBC: "Through our investigation we've seen evidence of potential exchanges of confidential, commercially sensitive information relating to sales prices and sale rates between some of the UK's major housebuilders.
"Now we don't believe that that's a key driver of the fundamental poor outcomes in this market, but it is clearly critically important that all companies comply with competition law so today, we're also announcing the launch of a new Competition Act investigation to look into that further."
The housebuilders being investigated are:
- Barratt
- Bellway
- Berkeley
- Bloor Homes
- Persimmon
- Redrow
- Taylor Wimpey
- Vistry
The CMA said it had not yet reached any conclusions as to whether or not competition law has been broken.
Housebuilding companies listed on the London Stock Exchange saw their share prices fall in early trading. Persimmon shares fell by 2.8% to £13.74 each, closely followed by Taylor Wimpey down 2.7% at 142p.
A spokesperson for Bellway said: "We are reviewing the CMA's report. Bellway has engaged and co-operated fully with the CMA throughout its market study - and will continue to do so."
Redrow, which recently agreed to be taken over by Barratt for £2.5bn, said that it has "fully co-operated with the CMA throughout its market study" and continues to work with the watchdog.
Berkeley declined to comment.
The BBC has contacted all the named housebuilders for comment.
In its wider report into the housebuilding market in England, Wales and Scotland, the CMA said there were "persistent shortfalls" in the number of homes being built.
Last year, less than 250,000 were built across the whole of the UK, far below a target of 300,000 for England alone.
In its 2019 manifesto, the Conservative Party promised to build 300,000 homes a year by the mid-2020s and pledged to make the planning system "simpler".
But the CMA said that the planning system was one of the key factors slowing down construction of new homes, describing it as "complex and unpredictable".
It said planning often takes a long time for builders to navigate before construction can start. It found that many planning departments are under resourced, don't have up-to-date local plans and lack clear targets or incentives to deliver a certain number of homes in their area.
Builders also often have to consult with a wide range of people and slow responses to planning proposals can delay construction.
The CMA said that recommendations to streamline the planning system as well as other measures would mean more homes could be built each year and help "make homes more affordable".
But it said: "Even then, further action may be required to deliver the number of homes Great Britain needs in the places it needs them."
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2024-02-26 10:26:55Z
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