K Housebuilders: Feedback from hosting Molior’s Sam Long

研报英文原文证据摘录

K Housebuilders: Feedback from hosting Molior’s Sam Long

J P M O R G A N Europe Equity Research

16 July 2026

K Housebuilders

Feedback from hosting Molior’s Sam Long

This afternoon we hosted Molior’s Sam Long to discuss the challenges and European Building & Construction

opportunities of the London housing market and the key bottlenecks preventing the and Infrastructure

capital from unlocking housebuilding in a meaningful way. We present our detailed Zaim Beekawa AC

feedback below. In our view, the key take-aways were: 1) Molior believes the (44-20) 7134-4175

housebuilding industry in London has been affected by rising build costs for both zaim.beekawa@jpmorgan.com

materials and labour and an increased regulatory burden on both developers and J.P. Morgan Securities plc

investors in buy-to-let properties; 2) There is a clear opportunity emerging for Elodie Rall

large-scale investors, given the challenges facing smaller landlords, although even (44-20) 7134-5911

elodie.rall@jpmorgan.com

larger players still face higher costs; 3)The government’s recent proposals could J.P. Morgan Securities plc

be helpful, given the size of the stamp duty burden on a typical property purchase Jamie Smallbone

in London, however, this is not an automatic win as buyers are cautious regarding (44-20) 3493-7015

ongoing costs; 4) The recent emergency measures announced by the government, jamie.smallbone@jpmorgan.com

lowering affordable housing requirements in London, are helpful but insufficient; J.P. Morgan Securities plc

5) London’s housing targets are regarded as entirely aspirational; 6) The Manshi Sinha

construction workforce is not sufficient for the government’s housing targets in the (91-22) 6157 5111

UK or in London. manshi.sinha@jpmchase.com

J.P. Morgan India Private Limited