Currency is also an issue because about half the company’s revenues come from the US, with about 23 per cent coming from mainland Europe. It also points out the company has relatively little exposure to the London market which has been softening. Demand is stable in the regions, it says.Yesterday’s annual meeting statement admitted that the UK market was returning to more normal levels after a boom year in 2002. Average selling prices are still ahead of last year, though the group says the next few weeks are important as they form part of the main selling period.In North America, sales are strong, though this only accounts for 26 per cent of the group’s housing business. California is particularly buoyant and Canada is also ahead of expectations despite adverse weather and fears over the Sars virus.The construction order book is up to £785m, though this business is now a relatively small part of the group.Assuming full-year profits of £280m the shares, which closed 2.5p higher at 201p yesterday, trade on a forward price-earnings ratio of six.

The shares are a punt on the housing market so after the boom of last year, this does not look the time to buy Avoid.. “Sell in May and go away” has been around since at least the 1960s. Like most such adages it works often enough to survive as a useful thought but not sufficiently often to be of much practical use. It is a bit like the end of year effect: shares often perk up in December only to flop back in January. But they don’t do so sufficiently often for people to make much money out of it.

You do not often get three years on the trot when shares end lower than they started. You do not often get the vicious bear market we struck at the beginning of this year. And you do not often get a 20 per cent spring bounce such as we have just experienced. Any idea that markets are rational should have gone out the window long ago but anyone who feels it is time now to follow the adage and sit the market out for a bit would find a lot of people might agree.