Despite gains in the market overall, housebuilders' shares this morning saw significant drops of 10-11%

Housebuilding shares headed south in early trading this morning despite gains in the wider market.

The FTSE 100 was up by 2% at lunchtime after cautious gains around the globe.

Market volatility has hit housebuilders hard

Fears of a global recession had seen share prices yo-yo this week.

The biggest fallers were:

Persimmon -11% to 246p

Redrow -11% to 129p

Barratt -10% to 60p

Bellway -10% to 400p

Taylor Wimpey was flat at 12p but the housebuilder had already fallen a long way in recent days amid fears over its survival.

It is currently refinancing its £1.7bn debt with a group of banks, bondholders and private placement debt holders.