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From The Sunday Times
November 22, 2009

Sharewatch: Barratt Developments

BAD week to be in property. Shares in homebuilder Barratt Developments dropped 10.3% to 125.70p last week. It wasn’t the only one. Rivals Bovis Homes, Taylor Wimpey and Quintain Estates all took similar hits.

They have all suffered the same affliction: sentiment in the market that the recovery of housebuilding stocks is premature for businesses so closely aligned to an economy still in recession. Barratt’s shares, for example, have more than trebled in the past year.

Investor scepticism is understandable, especially when memories are still fresh of the wave of rights issues that Barratt and its peers were forced to launch to see them through the storm. Yes, Barratt will have halved its debt by the end of the year, but the worst being over does not mean that prosperous days are back.

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