This column avoided Redrow, the housebuilder, back in February given the gloominess surrounding the property market. It was a good call, with the shares having lost a fifth of their value since then.
Most of that damage has come in the past six weeks, reflecting the jump in interest rate forecasts and the effect on mortgage affordability.
The expectation had been that, by now, the housebuilders would be through the worst of the downturn and that buyers’ confidence would be on its way back towards something like “normal”. It has not played out like that and so the obvious move would be to steer clear of Redrow for a while still. Yet the share price slide could, for those brave enough to look through the
