Back in the autumn, this column flirted with the idea of buying Bellway shares, but ultimately advised investors to hold fire given the uncertainty still hanging over the property market at the time.
The investment case has changed materially since then with mortgage rates having dropped sharply, and that has been reflected in Bellway’s share price, which is up by a fifth over the past few months.
That rise might deter some investors, worried that they have missed their chance, but there remains reason for optimism for a sector that has suffered badly from the rapid rise in interest rates over the past 18 months and the higher mortgage rates which have followed.
Although Bellway’s shares are at their dearest for ten months, they remain
