Housebuilders to pay £100m towards affordable homes to avoid legal decision

Britain's biggest housebuilders have agreed to pay £100m towards affordable homes to avoid a regulator's decision on whether they broke competition law.

The seven firms have also agreed not to share commercially sensitive information such as how much houses have sold for "except in limited circumstances".

The Competition and Markets Authority (CMA) last year began investigating whether housebuilders had been swapping information, such as pricing and the incentives offered to buyers such as upgraded kitchens or stamp duty contributions.

The watchdog said if it accepts the firms' offer it will mean "that it is not necessary for the CMA to decide whether the housebuilders broke competition law".