By Tom Winnifrith | Monday 25 March 2013
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Three weeks ago I wrote that shares in three of the UK’s biggest house builders were hugely overvalued on the basis that house prices were quite simply too high and that any correction in the value of UK house prices – which I regarded as inevitable – was not discounted. This week Chancellor Osborne announced a series of measures to boost the UK housing sector in his budget. Shares in house builders have reacted positively to that news. Are they reflecting a new reality? Should I change my tune?
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