(Jefferies) UK Housebuilders: Cash is king

Time is relative. A week is a longer time in politics than it is Housebuilding. We may start the week with many political uncertainties, but we remain certain that there is a fundamental shortage of housing. In this note we have recast our downside scenario to reflect the potential impact of Brexit, whilst our PT's reduce we remain bullish on the longer term fundamentals. We are not changing estimates at this time.