The UK housebuilding sector faces significant headwinds from a sluggish market, affordability constraints, high interest rates, and rising costs, leading to profit warnings. New safety regulations, exemplified by the Grenfell Tower disaster, have also extended building timelines for apartment blocks to eight years. The Home Builders Federation estimates that building costs have increased by £76,000 per home since 2020. Despite these challenges, Persimmon has outperformed peers, with completions up 13% and revenue up 15% in the first half. Its focus on lower-priced homes and vertical integration contribute to its resilience.

Property services company Savills is poised for US expansion following its £827mn acquisition of Eastdil Secured. While its North American commercial transactions business saw revenues rise 25%, overall revenue increased 9% to £1.23bn, driving a 47% surge in underlying profit before tax to £34mn. However, its UK residential business profit halved due to the Renters’ Rights Act.

Caledonia Mining's performance is largely tied to its Blanket Mine in Zimbabwe. Gold production increased 18% sequentially in the second quarter, though down year-on-year. The average realised gold price rose by a third. Despite half-year profit increases, potential cost base questions arise from employee ownership trust obligations. With the gold price pullback and market uncertainty, Caledonia Mining is rated a 'hold'.