Last time, I laid out my framework for thinking about housebuilders. It was convoluted and a bit mixed, frankly, but in that it did quite a good job of reflecting my thinking. I suspect it also captured some of the market's struggle to value these assets. I left by saying that Berkeley Group and Bovis were particularly interesting to me, for different reasons. Bovis is a volume housebuilder - I'll cover them in a separate post - but Berkeley is a law unto itself.
So for this post: welcome to London!