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Ok, time to exit regarded character as this is a really thoughtful reply.
All salient points. These are my responses.
1) Vistry builds in partnership primarily. Housing associations, local councils, commercial BTR. Thus limited exposure to the Open Market (OM) and BTL headwinds.
2) The boats won't stop. You think the government care about the supposed hostility? They'll just arrest you, get you fired, get you booted from polite society. Nigel is a straw man, desperate to be part of the establishment he claims to detest.
3) Each small boat is a boatload of additional demand. And there's millions on their way. Vistry will build the houses for them, and the government will pay for them. And various international entities will ensure that Britain is sufficiently financed to do so. Hotels were a good business in this area, but that was always short term. Vistry delivers the convenient long term solution.
4) Flats. Yes, Vistry do flats, such as Countryside's NWQ development, but they are a small part of the business. OM itself is only 26% of 2025 volume. Daniels decided to do the right thing in 2026, take the hit to exit London/SE, which is most of the flat exposure
5) Planning. The deep Council partnerships help Vistry navigate the planning process easier than it's competitors. It's called Labour's favourite housebuilder for a reason. People in this thread decry our socialist left government for incompetence; they forget the core tenet of Animal Farm - some animals are more equal. And Vistry is absolutely a more equal animal.

February this year.
DCA-ed as the shorts increased to 20%. They are now sitting at 14%.
VTY build homes for housing associations and corporate BTR. A substantial cash portion is paid upfront before a brick is even laid.
Open Market was only 26% of volume in 2025.