Report
Tony Williams

UK Housebuilding Sector in 4Q 2019: ‘20/20 vision'

For fighter pilots, it is a minimum requirement.
But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance.
It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).
20/20 and similar (e.g. 20/200 is legal blindness) are called Snellen fractions, named after Herman Snellen, the Dutch ophthalmologist who developed the measurement system in the mid-19th century.
In turn, 20/15 is even better than 20/20; the former, perhaps, having the benefit of hindsight…
Underlyings
Barratt Developments PLC

Barratt Developments is a holding company. Co.'s principal activities comprise acquiring and developing land, planning, designing and constructing residential property developments and selling the homes it builds throughout Britain. These main activities are supported by Co.'s commercial development, urban regeneration, procurement, design and land capabilities. Co. operates in two segments: housebuilding and commercial developments. Co. has three housebuilding brands: Barratt Homes, David Wilson Homes and Barratt London. Commercial developments are delivered by Co.'s Wilson Bowden Developments division.

Bellway p.l.c.

Bellway builds homes designed to complement the style of existing local housing in developments that meet local demand and improve the community. With a range from one-bedroom apartments to six-bedroom family homes, Co. provides a choice from which customers can choose a property that fits their particular requirements. Co. also provides homes to housing associations for social housing. Co.'s focus is to provide family housing across its divisions outside London and apartments within the London boroughs.

Berkeley Group Holdings plc

Berkeley Group Holdings is a holding company. Through its subsidiaries, Co. is engaged in residential-led property development focusing on urban regeneration and mixed-use developments. Co. focuses its development in London and the South of England markets.

Crest Nicholson Holdings Plc

Crest Nicholson Holdings is a holding company which is engaged in the design and delivery of homes, workplaces, and retail and leisure spaces. Co. operates across the South of England through its six regional divisions, and two teams. Co.'s six regional offices are Chiltern, Eastern, London, Midlands, South and South West. Co.'s two business units are: Crest Nicholson Regeneration, which is focused on developments with public and private partners, incorporating residential and mixed-use projects; and Crest Strategic Projects, which sources unallocated sites and secures planning permissions over time for medium- to long-term development to be delivered through its divisions.

Inland Homes

Inland Homes is engaged in land regeneration business, focusing on developing sites in the south and south east of England. The principal activity of Co. is to acquire residential and mixed use sites and planning consent for development. Co. develops a number of the plots for private sale and sells consented plots to housebuilders.

Persimmon Plc

Persimmon is a holding company, engaged in house building, constructing a range of homes across England, Scotland and Wales. Co. trades under the brand names of: Persimmon Homes, which delivers a range of new homes from apartments to large family homes throughout the U.K.; Charles Church, which complements Persimmon by delivering executive housing in premium locations across the U.K.; Westbury Partnerships, which focuses on affordable social housing. Co. sells these homes to housing associations across the U.K.; and Space4, which operates an offsite manufacturing plant producing insulated wall panels and roof cassettes as a fabric first solution to the construction of new homes.

Redrow plc

Redrow is engaged in creating places to live by delivering designed, building, homes whilst at the same time developing the beneficial characteristics of the local landscape, ecology and communal resources.

Taylor Wimpey plc

Taylor Wimpey is a residential developer. Co.'s three divisions are: North, which covers its East and West Scotland, North East, North Yorkshire, Yorkshire, North West, Manchester, North Midlands, Midlands and West Midlands regional businesses; Central and South West, which covers its East Midlands, South Midlands, East Anglia, Oxfordshire, South Wales, Bristol, Southern Counties and Exeter regional businesses; and London and South East, which includes Central London and covers its East London, North Thames, South East, South Thames and West London regional businesses. In Spain, Co. builds homes in the locations of Costa Blanca, Costa del Sol and the islands of Mallorca and Ibiza.

Vistry Group PLC

Bovis Homes Group is a builder of homes in England. Co.'s business involves the design, build and sale of new homes for both private customers and Registered Social Landlords. Co.'s products include two-storey family homes and limited apartments. Co.'s targeted land investment concentrated on family housing sites in its Southern based operating area.

Watkin Jones

Watkin Jones is a holding company. Through its subsidiaries, Co. is engaged in the property development and the management of properties for multiple residential occupation. Co. operates in the following segments: student accommodation, which is engaged in the development of purpose built student accommodation; build to rent, which is engaged in the development of build to rent accommodation; residential, which is engaged in the development of residential property; and accommodation management, which is engaged in the management of student accommodation and build to rent property.

Provider
Hardman & Co
Hardman & Co

We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

Our expert team of sector analysts and market professionals collectively have over 400 years of experience.  This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.

Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.

Analysts
Tony Williams

Other Reports on these Companies
Other Reports from Hardman & Co

ResearchPool Subscriptions

Get the most out of your insights

Get in touch