Developers are able to buy land for as little as a third of peak 2007 prices, London-based Savills Plc estimates. Those savings will more than make up for any weakness in the property market in the next three years, according to a shareholder in the industry’s biggest company.

“Some investors feel like they’re buying houses and not operating businesses, which is a mistake,” Gary Channon, chief investment officer of Phoenix Asset Management Partners, said in an interview. “Right now, housebuilders are making hay.” Phoenix owns 5 percent of Barratt Developments Plc.

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