Scottish house builder

As a quick introduction, Springfield is one of the leading house builders in Scotland. Founded in the 1990s, the business has grown impressively in the past 30 years and claims to have doubled in size every five years.

So what’s happening with Springfield shares currently? Well, as I write, they’re trading for 133p. At this time last year, the stock was trading for 156p, which is a 14% decline over a 12-month period.

It is worth noting that many UK shares have pulled back in the last few months due to macroeconomic factors as well as the tragic events in Ukraine. For that reason, Springfield’s share price drop does not concern me.

UK shares have risks

Despite my bullish outlook on Springfield, I must note tangible risks to growth and returns. Firstly, soaring inflation, the rising cost of raw materials, and the supply chain crisis have had a material impact on Springfield and all house builders. Rising costs are squeezing profit margins which underpin performance, growth, and returns. The supply chain crisis could see operations affected too.

Next, rising interest rates in the UK could hamper shorter-term demand for homes in the UK as prices rise. This price rise in the market could affect sales. However, I do think this is a short-term issue, linked to the current economic climate in the UK.

Why I like Springfield shares

So to the positives then. Firstly, I believe Springfield has excellent growth prospects ahead. This is linked to the fact there is a huge gap between the supply and demand for homes in the UK. Due to demand outstripping supply, house builders are in a unique position to benefit, which could boost performance and shareholder returns in the longer term.

At current levels, Springfield shares look good value for money on a price-to-earnings ratio of just 11. The general consensus is that UK shares with a ratio below 15 represent value for money.

Next, Springfield has an encouraging track record of performance. I do understand that past performance is not a guarantee of the future, however. Prior to the pandemic, Springfield consistently grew revenue and profit. Trading in 2020 was affected by the pandemic. Revenue and gross profit in 2021 surpassed pre-pandemic levels. Despite current economic issues, I expect this upward trend to continue.

Finally, consistent positive performance comes hand-in-hand with shareholder returns. Springfield shares’ current dividend yield stands at over 4.5%. It is worth noting that the FTSE 100 average yield is 3%-4%. Dividends can be cancelled at any time at the discretion of the business, however.

Overall I like the look of Springfield shares and would buy them for my holdings. I believe the business will continue on its impressive growth journey and it already boosts passive income through dividends. I’d expect this to continue for the long term too.

My confidence in Springfield’s growth prospects stems from the current state of the housing market. Finally, there are other UK shares in the house building market that will likely experience a similar fate, in my opinion, such as FTSE 100 giant Persimmon.

Here’s a quick rundown of three great growth shares I’d buy right now.

Begbies Traynor Group

Insolvency specialist Begbies Traynor Group (LSE: BEG) has a great history of earnings growth. A steady stream of acquisitions mean annual profits growth has averaged more than 20% during the past five years.

City analysts think earnings here will rise by a more muted 5% in the current financial year to April 2023. However, given the worsening economic landscape I think these forecasts could be significantly upgraded in the weeks and months ahead.

The number of corporate insolvencies in England and Wales jumped 40% year-on-year in June, according to latest Insolvency Service figures. There’s a good chance the figure will keep climbing too as the cost-of-living crisis smacks British business.

This week the government announced fresh financial support for small businesses. Further action like this could hamper trading at Begbies Traynor. But, all things considered, I think it’s a top buy.

Bloomsbury Publishing

Book publisher Bloomsbury Publishing (LSE: BMY) is another top stock with a strong growth pedigree. And while forecasts suggest a rare earnings decline this year (to February 2023) I’d still buy the business today. Current forecasts suggest profits will fall 6% year-on-year.

You see, Bloomsbury is the home of Harry Potter. The Hogwarts wizard is a cash cow and as popular as he’s ever been (the series ranked among the company’s best-selling titles in the four months to June, financials this week showed).

The guaranteed revenues that Master Potter produces is a big boost to Bloomsbury’s bottom line. But it’s not the only reason I’d invest in the company today. I also like its successful drive into the world of academic publishing. Sales at Bloomsbury’s Academic and Professional division soared 49% year-on-year between March and June.

Bloomsbury is performing strongly today. But a growth investor needs to remember that a range of other media (video games, streaming and the like) still pose a long-term threat to the business.

Springfield Properties

Rising interest rates are a problem for homebuilders like Springfield Properties (LSE: SPR). However, this is a danger I think is reflected in the low valuations of these sorts of firms.

This particular growth stock trades on a forward price-to-earnings (P/E) ratio of 6 times. That’s based on predictions annual earnings will rise 30% in the current financial year (to May 2023).

Home prices continue to soar despite the current backdrop of rising rates and high economic uncertainty. Rightmove data this week showed average asking prices rose 9.3% in June. And this encouraged the property listings business to increase its full-year growth forecast to 5-7%.

Demand for Springfield Properties’ new properties continues to soar due to the UK’s chronic housing shortage. And it’s a situation I expect to deliver strong earnings growth here long into the future.

That’s not to say that utilities firms are without risk. This particular FTSE 100 business fell this week as Ofwat announced it was expanding an investigation into the dumping of sewage into rivers.

Okay, the regulator’s probe hasn’t currently got United Utilities in the crosshairs, announcing South West Water will be investigated. However, there is some concern other operators could be pulled in and subjected to huge fines.

No share is without risk, of course. And in the case of United Utilities I think the benefits of owning the business outweigh the dangers. Ultra-defensive stocks like these are worth their weight in gold at times like these.

Oh, and today the company’s forward dividend yield sits at a fatty 4.4%.

Housing hero

Springfield Properties (LSE: SPR) offers the sort of all-round value that also makes it a top buy for July. For this financial year, its dividend yield sits at an excellent 5.2%. And on top of this the housebuilder trades on a forward price-to-earnings (P/E) ratio of just 6.7 times.

Any investor in Springfield needs to consider the impact that Bank of England (BoE) rate rises will have on future profits. Accelerating inflation means rates could keep increasing rapidly in what could be a blow to homebuyer demand.

However, I believe this threat is more than reflected in the Scottish homebuilder’s ultra-low valuation. It’s also my opinion that sales of newbuild properties will remain rock-solid as historically-low mortgage rates — helped by intense competition among Britain’s lenders — appear here to stay.

I also believe the end of Help to Buy next March won’t be a catastrophe for housing stocks like Springfield. New government schemes to keep buyer deposits on the low side has already been launched. Besides, potential homeowners can still use a Lifetime ISA, a product that provides the same advantages as Help to Buy.

Brick bonanza

Ibstock (LSE: IBST) is a big-yielding dividend stock I already own. I’m tempted to buy more in July too, given its exceptional all-round value.

Ibstock makes bricks so, like Springfield, it’s also vulnerable by BoE rate rises. A cooling housing market will naturally hit demand for its product. What’s more, it takes a lot of energy to make a brick so the business is under threat from soaring energy costs.

Still, it’s my opinion that the benefits of owning this FTSE 250 share offset the dangers. Britain will need to get building frantically over the next decade and more to meet demand. The National Housing Federation thinks 340,000 new homes are needed each year in England alone.

Ibstock is obviously well-placed to exploit this massive market opportunity. Yet I don’t think this is reflected by the company’s low share price. Today, it trades on a forward P/E ratio of 10.2 times. It also carries a 5.2% dividend yield at current prices.

FRP Advisory Group

What it does: Provides a range of financial services to business including debt advice.
Price: 160p per share

Buying UK shares that thrive during tough times is a good idea. It’s why I’m considering adding FRP Advisory Group (LSE: FRP) to my portfolio right now.

The distress signals coming from British business are unfortunately becoming much louder. Latest Office for National Statistics data for example showed that 40.2% of small-to-medium-sized businesses have cash reserves that will last three months, or less.

With inflation tipped to keep rising and consumer confidence sinking, the pressure on UK business is set to grow. Companies that provide debt advisory services like FRP could become very busy in the months ahead, and possibly beyond.

This explains why City analysts think earnings at the company will rise 20% in this fiscal year (to April 2023). They also believe the bottom line will improve by an extra 17% year-on-year in financial 2024 too.

Fresh government support for struggling businesses could hit new activity levels and put these forecasts in jeopardy. Still, as things stand today, I think buying this growth share could be a great way for me to diversify my portfolio and protect my wealth.

Springfield Properties

What it does: Builds residential properties in Scotland.
Price: 131p per share

Concerns over what soaring inflation means for housebuilders like Springfield Properties (LSE: SPR) continue to mount. Fears over weakening buyer confidence and the impact of rising interest rates to cool price rises have the potential to derail the domestic housing market.

Data this week from Zoopla hasn’t calmed these worries either. Average annual home price growth slowed to 8.4% in April, down from 9% in March. Zoopla thinks annual growth could slow to 3% by the end of the year too.

The risks to builders like Springfield Properties are growing. But then I think the dangers caused by rocketing inflation are reflected by recent share price falls and some seriously-low valuations.

Springfield, for instance, now trades on a price-to-earnings (P/E) ratio of 6.8 times for the new financial year. This is created by City predictions that earnings will rise 19% in the period (to May 2023), speeding up from a projected 13% for last year.

I also like Springfield Properties’ dividend yield which has rocketed after recent share price falls. This now sits at 5.4% for financial 2023.

Over the long term, I believe housebuilders like Springfield will remain highly profitable UK shares to own. I expect interest rates to remain well below historical levels, keeping demand healthy. Meanwhile, weak build rates mean that property prices should keep growing strongly too.

I think growth stock Springfield Properties is a brilliant bargain for me to buy on the dip in June.

#1: Central Asia Metals

I’ve recently tipped penny stock Steppe Cement as a top stock to buy because of its pivotal role in Kazakhstan’s urbanisation programme. Demand for the building material is likely to surge as construction in towns and cities picks up. For the same reason I’d buy Central Asia Metals (LSE: CAML), too, a copper miner in the transcontinental country.

Thanks to its high conductivity, malleability and resistance to disintegration copper is a popular material in the construction industry. And Central Asia Metals pulls this red metal from its Kounrad project in Kazakhstan, putting the business on the doorstep of this urban revolution.

Riding the electric vehicle craze

I also like Central Asia Metals because it’s a great way to play another twenty-first-century phenomenon: the electric vehicle (EV) boom. Copper demand is exploding as adoption of these low-emissions vehicles takes off. But this is not the only way Central Asia Metals is exploting the EV market. It can expect the zinc and lead it pulls from the Sosa mine in North Macedonia to soar as well. These materials are essential in the manufacture of car batteries.

Central Asia Metals is packed with potential, then. However, it’s also not without risks and any production problems at its Asian and European operations could hit profits hard. It’s also worth noting that political instability has risen in Kazakhstan in recent months and could ignite again at any moment.

Disruption to Central Asia Metals’ operations could follow, whilst fresh turbulence could hit construction activity in the country too and consequently demand for the miner’s metal. That being said, as things stand right now I think the rewards of owning this stock outweigh the risks.

#2: Ediston Property Investment Company

Inflation is heading through the roof and is something I as a share investor need to be prepared for. The tragic war in Ukraine has supercharged already-elevated levels of inflation in the UK as supply chain issues have worsened. The stalemate in Eastern Europe has raised the prospect that extreme price rises could persist too.

Reflecting this chilly outlook the Bank of England now warns that inflation here could beat its prior forecast of 7.25% by “several percentage points”. So I’m considering adding Ediston Property Investment Company (LSE: EPIC) to my portfolio. Property stocks have long proven to be a great hedge against inflation as the rents they charge tend to rise in line with broader prices.

Playing the retail revolution

I wouldn’t just buy this penny stock to protect me from the ravages of inflation, though. I think it’s a great way to capitalise on the changing way that we do our shopping in the post-pandemic age. You see Ediston operates retail parks up and down the country. The large shopping units these are home to are becoming increasingly popular as people prefer spacious shopping outlets over cramped high streets.

Retail parks also play a critical role in the online shopping industry, a quality that Savills says is attracting brands to consider their expansion in these retail destinations. The estate agency says that

“[these] large and comparatively low-rented units, combined with good car parking provision and accessibility means that retail park assets are suitable for servicing click-and-collect orders, customer returns and home deliveries.” Savills adds that this means shopping parks are essentially “functioning as last-mile fulfilment centres.”

A dirt-cheap penny stock

The Ediston share price has slumped despite that aforementioned boost that inflation will provide to its rent rolls. This fall is due primarily to fears that the cost of living crisis could hit its tenants hard, in turn prompting requests for rent reductions and resulting in empty lots as retailers go bust.

However, I think the scale of recent selling is over the top. At 78p per share the property giant is trading at an 11% discount from January’s two-year closing highs. I think this represents a juicy dip buying opportunity for me.

#3: Springfield Properties

A stream of positive trading updates have continued to flow in from Britain’s listed housebuilders. A number of encouraging home price reports have also flowed in, suggesting that Britain’s housing market remains rock solid since the turn of 2022. This makes me believe that ‘nearly’ penny stock Springfield Properties (LSE: SPR) remains an attractive buy.

In fact Scottish housebuilder Springfield (which trades at 146p) may be one of the savviest ways to play the housing market. This is because residential property prices north of the border are rising particularly quickly. Latest HM Land Registry data showed average prices in Scotland rise 11.2% year-on-year in December. That’s around half a percentage point higher than the UK average.

Record order books

The strength of market conditions can be seen in Springfield Properties’ private housing order book. This rose to record levels at the end of 2021.

The business is taking aggressive steps to capitalise on the favourable marketplace, too, and it recently entered the thriving private rented sector. Furthermore, Springfield also remains committed to expansion through acquisitions and in recent months snapped up Highlands-focussed developer Tulloch Homes for £56.4m.

I think the main danger facing housebuilders is that of raw materials shortages. It’s a problem that could send costs through the roof and even disrupt its construction plans. However, as of right now house price inflation continues to outpace the rate at which building product prices are increasing. And whilst I can’t be sure, I expect this to remain the case long into the future. So I’d happily buy Springfield Properties for my portfolio this April.

Tritax Eurobox (4.5% dividend yield)

I’ve sought to grab a slice of the e-commerce boom by buying shares in Tritax Big Box REIT. This is a UK share that provides the warehouses and distribution hubs that allow companies to get their products to consumers. The only problem with Tritax Big Box is that it only operates in Britain, so it has very little geographical diversification.

Sure, the UK is Europe’s largest (and one of its fastest-growing) e-commerce markets. But I think investing in its continental cousin Tritax Eurobox (LSE: EBOX) could be a good idea to expand my portfolio’s territorial footprint. This particular dividend stock owns assets in Germany, France, Spain, Italy and a handful of other large European economies. This includes the fast-growing emerging market of Poland.

Tritax Eurobox has plenty of financial firepower to continue building its portfolio too, following fund raising in September and December of last year. Earlier this month, it completed an acquisition of another logistics property in Sweden. And it has a pipeline worth around €300m to continue executing its growth strategy.

Acquisitions can be dangerous as it can expose a firm to multiple risks, such as unexpected costs and disappointing demand. But Tritax Eurobox has a strong track record on this front and this provides me as a potential investor with decent peace of mind.

Springfield Properties (4.2% dividend yield)

I also think holding shares in housebuilders is a good idea as Britain’s home supply crunch drags on and property prices steadily rise. I’m considering bulking up my exposure to this sector by buying shares in Scottish housebuilder Springfield Properties (LSE: SPR). This company trades on a forward P/E ratio of 9.5 times predicted earnings. It also offers that chunky yield, both of which combine to offer supreme value, to my eyes.

Like all UK shares, Springfield doesn’t come without risk. A rapidly-slowing domestic economy could prove catastrophic for homes demand as confidence sinks and buyer affordability comes under pressure. The scheduled withdrawal of Help to Buy in March 2023 throws up another potential danger.

It’s my opinion though that demand for newbuild properties should continue to outstrip supply for many years ahead. Government policy hasn’t got to grips with the problems hampering construction rates. At the same time, interest rates are likely to remain below historical norms and competition in the mortgage market should help first-time buyers get onto the property ladder too.

Besides, as estate agency Savills recently noted: “Schemes including Deposit Unlock, First Homes and an expanded Shared Ownership programme may fill a large proportion of the gap left by Help to Buy.”

So I think construction stocks like Springfield Properties remain great UK shares to own.

A favourite foodie

Bakkavor Group’s (LSE: BAKK) a UK share that’s not for the fainthearted. The business is a giant in the food-to-go sector and, as a consequence, its revenues have been hammered by Covid-19 lockdowns. Similar restrictions have been avoided more recently but the threat of new ones remain as the pandemic rolls on.

I think this danger might be baked into Bakkavor’s share price though. At 133p, the foodie trades on a forward price-to-earnings growth (PEG) ratio of 0.8, below the benchmark of 1 that suggests a stock is undervalued.

I’d buy Bakkavor as City analysts think the food-to-go segment is set for explosive growth. Lumina Intelligence, for one, reckons the industry will be worth £22.6bn by 2024, up from £15.3bn today. One final reason why I’d load up on Bakkavor shares is that, at current prices, it sports a monster 5.4% dividend yield for 2022.

A top renewable energy stock

I believe buying renewable energy stocks could be a good idea for me as demand for ‘clean’ energy soars. This is where Foresight Solar Fund Limited comes in, a near-penny stock which holds stakes in solar farms in the UK, Spain and Australia. I also like this particular operator because it made its maiden foray into the potentially-explosive battery storage market earlier in 2021.

The unpredictable nature of solar power generation means that energy storage is critical. And with this type of renewable energy becoming increasingly popular, the market for batteries is tipped to grow rapidly. I’d buy Foresight even though operating solar farms is expensive and unexpected costs can hit profits hard. The stock trades at 101p today.

Another ‘nearly’ penny stock I’d buy

I’d also buy Scottish housebuilder Springfield Properties (LSE: SPR) because of a solid outlook for the UK’s homes market. Stamp Duty reductions earlier in 2021 helped inflate property prices, but the recent withdrawal is expected to reduce the rate of growth in 2022. But next year, estate agency Savills still expects average home values to rise by a healthy 3-5%.

Happily for Springfield Properties, it seems like (at least in my opinion) home prices should keep climbing too. Low interest rates and Help to Buy support for first-time buyers means demand should keep outstripping housing supply. I’d buy this cheap UK share even though inflated building product costs look set to remain in place next year.

Analysts at ING Bank recently said it won’t be until “at least until the summer of 2022” before prices of some construction materials, such as concrete, bricks and cement, will drop.

Besides, I think a forward PEG ratio — allied with a 4.4% dividend yield — for the financial year to May 2022 is too good to pass up on. Today, Springfield Properties trades at 147p per share.

Making money with the property boom

Trading at Britain’s listed homebuilders has exceeded most expectations so far in 2021. Springfield Properties (LSE: SPR) has proved no exception as demand for new homes soars past supply.

Interest in its affordable homes is rocketing and the Scottish homebuilder reported a record order book of £91.5m as of June. It’s possible that enquiries for cheaper properties will pick up the pace too, as soaring inflation puts household budgets under increasing stress.

I’m confident that home sales should remain strong in 2022 as low Bank of England base rates, Help to Buy support for first-time buyers, and intense competition among lenders benefits buyer affordability.

Though I am mindful that residential property demand might fall sharply following the removal of recent Stamp Duty breaks, pulling sales at the likes of Springfield lower. According to HM Revenue and Customs, home transactions slumped 52% month-on-month in October.

However, City analysts are expecting Springfield Properties to report solid and sustained earnings growth over the short-to-medium term right now. They are predicting bottom-line rises of 4% and 15% for the fiscal years to May 2022 and 2023 respectively. Consequently, the homebuilder trades on a forward price-to-earnings (P/E) ratio of just 10 times.

The good news doesn’t end here either. Current dividend projections leave Springfield sporting yields of 4.1% for this year and 4.6% for fiscal 2023. These figures both beat the 3.5% forward average for UK shares by a very decent margin.

Boxing clever

Springfield Properties isn’t the only mega-cheap UK share I’m thinking of snapping up today. Tritax Eurobox (LSE: EBOX) is another British stock I think offers terrific value from both a growth and income perspective.

A chronic shortage of new property is also affecting the commercial warehouse and logistics market. This means that, like residential developers such as Springfield, property companies like Tritax Eurobox can also ask top dollar for the space they provide.

The growth of e-commerce is turbocharging demand for the buildings that retailers, manufacturers and couriers need to get their product to the consumer. Tritax Eurobox is acquiring assets and land at a swift pace to make the most of this opportunity too. It’s sealed property deals in Sweden, Germany and Italy in the past few months alone.

City analysts reckon Tritax Eurobox’s earnings will rise 29% in the financial year ended September 2022. This leaves the company trading on a forward price-to-earnings growth (PEG) multiple of just 0.8. In addition to this, the property powerhouse packs a meaty 4% dividend yield too.

Mistakes in the acquisition process, like paying for an asset that turns out to be in a bad location, is a risk that Tritax Eurobox investors have to swallow. But I believe this danger is baked into the company’s low valuation right now.

Here are three cheap stocks I’d greedily buy with £3,000 today.

A cheap stock I already own

Warehouse and logistics specialist Clipper Logistics hasn’t been immune to the recent market correction. This is perhaps no surprise as a slower-than-expected economic recovery could damage online retail sales and thus demand for its so-called big box properties. But I think a rock-bottom price-to-earnings growth (PEG) ratio of 1 makes it one of the best value stocks to buy.

In fact, I bulked up my holdings in Clipper Logistics following recent price weakness. This is because I think the cheap stock has a bright future given that e-commerce looks set to keep growing strongly.

A recent poll suggests that 70% of Britons now prefer to shop online versus fewer than half before the pandemic. I expect the number to continue growing too as retailers and manufacturers invest to improve their internet operations.

Another bargain UK share

Springfield Properties is another cheap stock I have my eye on today. Not only does the Scottish housebuilder trade on a low price-to-earnings (P/E) ratio of 10 times for the current fiscal year, its forward dividend yield sits at a chubby 4%.

Recent GDP numbers suggest the British economic recovery’s cooling sharply. This is a worry for Springfield Properties as it could affect home sales in the short-to-medium term. That said, Rightmove’s latest study showing average property prices rise 0.3% in September has soothed my own concerns somewhat. It shows that housing demand continues to outstrip supply in the UK. It’s a phenomenon I expect to live on too as interest rates will likely remain below historical norms.

A FTSE 100 favourite

I’d also buy FTSE 100 defence giant BAE Systems (LSE: BA) at current prices. Today, the company trades on a forward P/E ratio of 12 times, well below the Footsie average of 16.5 times. And the cheap stock boasts a decent 4.4% dividend yield.

I think BAE Systems could be a particularly great buy right now as concerns over the economic recovery grow. This is because government spending on arms tends to remain stable regardless of broader economic conditions.

Moreover, buying defence shares like this is also a good idea in my opinion as tension between China and the West grows in the wake of the US-UK-Australia Aukus pact being signed. In fact, BAE Systems should directly benefit from the accord to help Australia build a fleet of nuclear-powered submarines.

Like any UK share, BAE Systems isn’t without risk. With supply chain problems worsening, costs could rise and severe production problems could happen. Aerospace revenues could also suffer if Covid-19 travel restrictions continue to hammer the airlines. That said, at current prices, I still think this FTSE 100 share is a great buy.

A retail star

A series of strong trading updates has helped the Pets at Home (LSE: PETS) share price more than double during the past 12 months. I’m expecting another sunny batch of sales numbers when first-quarter results are unpackaged on Thursday, 29 July.

This UK retail share has been boosted by a boom in pet ownership rates due to Covid-19. But the strong results of the last fiscal year are no anomaly. Pets at Home has been performing strongly for a long time now, thanks to the increasing amounts people now spend on their furry companions. On a two-year basis, like-for-like sales at the business are up 17%.

Pets at Home sells all manner of pet-related products and provides veterinary care and grooming services too. This puts it in the box seat to exploit the fast-growing animalcare market, in my opinion. Though intense competition from supermarkets and the likes of Amazon could, of course, throw a spanner in the works.

Home comforts

As an owner of Ibstock shares, I’ll be closely watching industry rival Forterra’s (LSE: FORT) next investor update, also on 29 July. Last time the brickbuilder updated it said that business had been “better than expected” during the first four months of 2021.

It’s likely Forterra will advise that input costs have continued rising recently. But recent data on home starts suggests to me that this UK share will report product sales have kept soaring too. The number of newbuilds erected in the first quarter of 2021 clocked in at their highest for 20 years.

I don’t expect demand for new homes to cool either. Despite the upcoming end to the stamp duty holiday, other government support like Help to Buy, along with rock-bottom interest rates and intense competition among mortgage lenders should keep supporting first-time buyer activity, in my opinion. And so Forterra’s bricks should keep selling rapidly.

Another great UK share to buy

Speaking of housebuilding, I’d also snap up Springfield Properties (LSE: SPR) following the release of terrific financials earlier this month. This particular UK share said it enjoyed “significant growth in revenue in private and affordable housing” during the 12 months to May, with revenues soaring a shade below 50% year-on-year.

Springfield builds properties in Scotland, which is also suffering from significant housing shortages that’s sending prices ever higher. In fact, this particular UK housebuilding share could potentially enjoy more upside on this front than its England-focussed rivals. As analysts at Progressive Equity Research note, property price rises north of the border “have lagged most of the UK.”

I think this a great buy despite the risk that an economic downturn could damage sales.