UK HOME BUILDERS Post deep dive feedback: Investors on Sidelines, Focus Shifts to Execution

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UK HOME BUILDERS Post deep dive feedback: Investors on Sidelines, Focus Shifts to Execution

Equity Research

18 June 2026 | 4:59AM BST

UK HOME BUILDERS

Post deep dive feedback: Investors on Sidelines, Focus Shifts to

Execution

Investor feedback following our recent sector deep dive suggests that sentiment is Rebecca Parker

+44(20)7051-6646 |

subdued and the sector is largely being seen as a homogenous group under pressure rebecca.x.parker@gs.com

Goldman Sachs International

and without a catalyst. While we acknowledge the broader market weakness, we

Jonathan Kownatorthink there will be divergent near-term performance driven by operational delivery +44(20)7051-2974 |

and regional dispersion underpinned by our work on affordability. We continue to jonathan.kownator@gs.comGoldman Sachs International

think a selective approach is important, preferring names with outlet growth Kuber Sood, CFA

programs and less exposure to the challenged Southern and London markets. Our +1(332)245-7812Goldman Sachs India| kuber.sood@gs.comSPL

key stock picks are Buy: Persimmon and Barratt Redrow and Sell: Taylor Wimpey

and Berkeley. We also remain Buy rated on Vistry with our long-term structural

thesis intact.

Investors awaiting macro catalyst: Engagement with the sector remains low, with

the key catalyst seen as either monetary easing or fiscal stimulus in the form of

demand side support. Investors also express concern over margin erosion from build

cost inflation. Most incoming investor enquiries focus on Buy-rated Persimmon and

Sell-rated Berkeley Group, with many investors generally positive on Persimmon due

to its favourable geographic mix, robust outlet growth and sector-leading margins.

Conversely, we have received some push back on our thesis on Berkeley; whilst some