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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barratt Developments    BDEV   GB0000811801

BARRATT DEVELOPMENTS (BDEV)
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British housebuilders hit by land-banking review

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11/22/2017 | 04:41pm CEST
Workers carry scaffolding on a construction site in Chester

LONDON (Reuters) - Shares in British housebuilders tumbled on Wednesday after the government said it would reclaim land that was not developed quickly enough, potentially hitting future profits.

Britain's biggest housebuilders, which include Berkeley (>> Berkeley), Barratt (>> Barratt Developments), Persimmon (>> Persimmon) and Taylor Wimpey (>> Taylor Wimpey), have been accused in the past of sitting on land to restrict the number of properties they build to drive up house prices.

Chancellor Philip Hammond set out a raft of measures in his annual budget to boost the housing market on Wednesday, including a review of the gap between the number of planning permissions granted and the housing developments that begin.

"(It) will deliver an interim report in time for the Spring Statement next year," Hammond told parliament.

"And if it finds that vitally needed land is being withheld from the market for commercial, rather than technical, reasons we will intervene ... using direct intervention compulsory purchase powers as necessary."

Shares in the four big builders fell between 1 and 3 percent in afternoon trading, the biggest fallers on the FTSE 100 Index.

"If you are suddenly getting a flood of properties or land banks being used in the short term, the market might think it could depress prices," said Paul Mumford, UK fund manager at Cavendish Asset Management.

Housebuilders deny sitting on land, and analysts at Jefferies said that previous reviews had found so-called land-banking to be a myth. "We suspect that this one will too; we suspect that will be confirmed in the Spring statement in 2018."

The Spring statement is normally delivered in March.

(Reporting by Kate Holton; editing by Stephen Addison)

Stocks treated in this article : Persimmon, Taylor Wimpey, Berkeley, Barratt Developments
Stocks mentioned in the article
ChangeLast1st jan.
BARRATT DEVELOPMENTS -0.36% 511.8 Delayed Quote.-21.95%
BERKELEY -2.65% 3306 Delayed Quote.-20.11%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
PERSIMMON -1.99% 2213 Delayed Quote.-19.25%
TAYLOR WIMPEY -1.65% 157.5 Delayed Quote.-23.16%
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Financials (GBP)
Sales 2019 4 954 M
EBIT 2019 901 M
Net income 2019 717 M
Finance 2019 745 M
Yield 2019 8,54%
P/E ratio 2019 7,38
P/E ratio 2020 6,97
EV / Sales 2019 0,88x
EV / Sales 2020 0,86x
Capitalization 5 127 M
Chart BARRATT DEVELOPMENTS
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Technical analysis trends BARRATT DEVELOPMENTS
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,59  GBP
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
David Fraser Thomas Group Chief Executive Officer & Executive Director
John Murray Allan Chairman
Steven John Boyes Group Chief Operating Officer & Executive Director
Jessica Elizabeth White Chief Financial Officer & Executive Director
Richard John Akers Senior Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BARRATT DEVELOPMENTS-21.95%6 752
DAIWA HOUSE INDUSTRY CO LTD-22.79%19 732
D.R. HORTON-26.22%14 189
SEKISUI HOUSE LTD-19.85%10 022
PERSIMMON-19.25%9 204
SEKISUI CHEMICAL CO LTD-20.19%8 036