Construction and Housebuilding

Trading updates point to bleak 2023 market conditions

  • Sectors : Construction and Housebuilding
  • Companies : Persimmon plc | Redrow plc | Barratt Developments plc | Berkeley Group | Bellway plc | Taylor Wimpey plc | Vistry Group


Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
Barratt Developments plc OUTPERFORM 25/06/20 Neutral 24/03/14 412p
Bellway plc OUTPERFORM 24/03/14 Neutral 10/09/13 2102p
Berkeley Group UNDERPERFORM 10/09/13 Under Review 21/05/13 3836p
Persimmon plc NEUTRAL 17/08/20 Underperform 10/09/13 1354p
Redrow plc NEUTRAL 10/09/13 Under Review 21/05/13 471p
Taylor Wimpey plc OUTPERFORM 10/09/13 Under Review 21/05/13 105p
Vistry Group OUTPERFORM 10/09/13 Under Review 21/05/13 662p


Recent trading updates in the sector have reinforced our view that trading will continue to be difficult for homebuilders well into 2023. Our headline assumptions for the market (volume -15%, price -5%) have driven downgrades of 30-35% today. We remain cautious on the sector and continue to prefer Bellway and Taylor Wimpey on a relative basis.

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Nov 14 2022, 07:10 GMT