In terms of size, Britain's housebuilders are a shadow of the companies they once were - and although some painful self-help has restored most to profit and the dividend list, external conditions will need to improve before there's a sustained recovery in share prices.
Construction group and housebuilder Galliford Try, whose shares we , seems better placed. It pushed average private sale prices up by 10 per cent to £227,000 in the year to June - although affordable home prices fell from £124,000 to £106,000. Overall completions jumped by 27 per cent to 2,170.
Most shares in the sector trade at a significant discount to their net asset value, but it's hard to see this locked-up value being released until the mortgage market returns to normal, which may be some time. In the meantime, they have little choice but to operate within the constraints brought about by factors outside their control.