<p>The housebuilding industry is nervously awaiting the fall out from the turmoil that swept through the global financial markets in September. The impact of the extraordinary events, which led to the takeover of Halifax Bank of Scotland by Lloyds TSB, is yet to be fully assessed by industry experts. However HBOS’s fortunes are tightly bound in with those of the housebuilding industry. Not only does it have a 20% share of the mortgages in the UK, the firm has stakes in many housebuilders including Miller, Crest Nicholson, Tulloch, Cala, Keepmoat and McCarthy and Stone. “You could argue that the stability offered by the Lloyds deal is good news for the industry,” said one housebuilder. “It means security for HBOS which is vital for the industry.”</p> <p>However others expect the “super bank” to be much more conservative on lending, further tightening the mortgage market. The latest phase of the credit crunch was initiated when US banking giant Lehman Bros collapsed on September 15. At the same time Merrill Lynch was sold and the American government moved swiftly to rescue insurer AIG as the contagion continued. Speaking before the HBOS difficulties, Berkeley chief executive Tony Pidgley said that Lehman’s collapse would affect …