UK Homebuilder Stocks Flash Buy Signal After Year-End Slump [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Most Read from Bloomberg Hong Kong's Expat Party Hub Reshaped by Chinese Influx How California Sees the World, and Itself City Hall Is Hiring London's Tube Fares Are Set to Rise by 4.6% Next Year American Institute of Architects CEO Resigns The Bloomberg UK Homebuilder Index is trading at a price-to-book ratio of less than 1, loosely meaning the equity market is valuing the sector lower than the value of the land that it owns. It was last at that level on an annual basis in November 2023, according to data compiled by Bloomberg. “When housebuilders are trading below book value it is usually a buying signal,” said RBC Europe housing analyst Anthony Codling. Homebuilders fell on Monday after property portal operator Rightmove Plc said asking prices saw their largest monthly decline this year. The homebuilder stock index is down 14% in 2024 after double-digit percentage declines for shares including Barratt Redrow Plc, Berkeley Group Holdings Plc and Taylor Wimpey Plc.
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