Bellway’s shares are now above where they were just before the European Union referendum, following which the bottom fell out of the housebuilding sector. Looking at the halfway figures to the end of January, much of the good news having already been in the market in a trading statement in early February, one is inclined to wonder what all the fuss was about.
This comes after the statement from Berkeley Group, seen as the most exposed of the pack to London, which reassured investors that the market appeared to have stablised and prompted its own shares to go sharply ahead again. Indeed, most of the housebuilders are back to where they were in the spring, the exception being the scandal-plagued Bovis Homes.
This is