EARLYThesis forming — early stage, needs conviction
Investment Thesis
Barratt's merger with Redrow creates the UK's largest homebuilder with scale benefits in land sourcing and planning. UK housing supply remains structurally undersupplied versus Labour government's 1.5 million home target, and Bank of England rate cuts are reviving buyer demand. Help-to-Buy replacement schemes and planning reform under Starmer government provide multi-year tailwinds. Net cash balance sheet supports counter-cyclical land acquisition.