Home to roost.
Investors Chronicle - magazine and web content, June, 2007
The housebuilders' recent correction looks overdone, but it could be some time before share prices in the sector pick up again, says Kirsty Green Kirsty Green
The roof has come crashing in on the housebuilders over the past month. The worst hit has been Taylor Woodrow, whose shares have plummeted 18 per cent, but every single one of the main-listed UK housebuilders has underperformed the FTSE All-Share index. So it looks as if the days of heady mid-teen price-earnings ratios and chunky premiums to net assets are well and truly behind us. What has happened, then, to turn housebuilders from the hot property to unloved backwater?
Well, first, the correction needs to be put into context. Housebuilders' shares had enjoyed a very strong run, and a massive...
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