Member Info for terrace

https://twitter.com/TelfordHomes/status/907264976661991424

http://www.dailypost.co.uk/business/business-news/one-north-waless-richest-business-13591210

http://www.telegraph.co.uk/business/2017/09/11/scottish-housebuilder-plots-ipo-boosted-government-support-affordable/

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BKG&ArticleCode=actqb0ko&ArticleHeadline=Transaction_in_Own_Shares Strange....Last week BKG directors sell large value of shares and on Friday,the company buys 180,000 shares to hold as treasury.

Maybe it is because the musketeers are all old farts and too stuck in their ways to be tempted by something that might appear more attractive

Unfortunately not,but we will keep the faith until the company does something (outside their control) that disappoints us,not done that so far though.

Help to Buy has accounted for a substantial number of sales for the big boys,but it has been of minor (relatively) assistance to TEF,mainly because of the six month rule probably.Perhaps they will consider future measures to take more advantage ( if it continues beyond the proposed cessation date) by constructing a larger number of sub £600k units and saving a number of these for launch six month sprior to completion.Difficult for tower block builders though with construction periods 4 to six times longer than house builders.

Perhaps at the moment,but is the overall market big enough for them to continue to outpace TEF over the long term.Assuming our immortality,the musketeers,as you call them,have a very long involvement in mind.

If a certain species of tree ( home builder tree) has the genetic capability to grow to 20 metres high,does it not followi that a little tree ( TEF) has the potential to grow more than a big tree (BDEV etc) ?,or is that an over simplification of reality.

If you can establish the EV of TEF with a reasonable degree of accuracy,is it not simply a case of using that to dictate your actions.Perhaps it is wise to consider buying when the SP is 20% or more below EV,to sell when the SP is 20% or more above EV and to hold in between?.

http://news.sky.com/story/london-extends-lead-as-worlds-top-finance-centre-despite-brexit-11030259

https://www.theguardian.com/politics/2017/sep/09/eu-immigration-offer-brexit-reversal-adonis

" but I do not agree with your point about earnings over assets being the same thing as earnings over price" Two entirely different matters of course.Earnings over assets is a measure of operational efficiency.Earnings over price is a measure of SP value.

http://www.telegraph.co.uk/business/2017/09/09/developers-verge-building-fewer-homes/

https://www.standard.co.uk/business/building-barons-40m-share-sale-at-berkeley-stokes-pay-row-a3630171.html

We have seen some ritzy home price increases in recent years which obviously should not/cannot continue.It would be in the long term interests of all stakeholders if HPI stayed in the 0% to 2.5% range for the next few years.Also,negative HPI causes problems for lenders,borrowers and the wider economy and we should do all we can to avoid that.

Strictly from a personal return on capital allocation point of view,,if you put starting company assets aside for a moment,TEF are due to earn 40.8% on SP over the next 3 years and RDW 43.8%,so six of one ,half a dozen of the other.What tips it for some is the level of IPRS derisking and superior transparency....that is worth a lot.The location focus of activity ( despite what the scribblers say about London HPI prospects),is reassuring rather than worrying and the quality of experience across the BOD and their substantial share holdings is also a comfort.Sains forensic due diligence of TEF activities helps us all to understand what is going on operationally and it is doubtful that he would be able to root out the same operational detail elsewhere.So for some,good luck RDW et al but we are staying put.

EPS of 161p....over the next 3 years

For an outlay of 394p today,investors are guided to expect total EPS of 161p ,a third of which will be paid out as dividends and the rest will appear on the balance sheet.Who else is likely to produce that sort of return amongst the home builders?.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BKG&share=berkeley_gphld