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to 2.85 per cent a year. While this is lower than many of its peers – for example, the income from Barratt shares is equivalent to 6.5 per cent a year – Burgeman believes it is more sustainable long term.

Charlie Huggins is head of equities at investment service Wealth Club. He likes Berkeley because of its focus on long-term urban regeneration projects.

He says: ‘None of this makes Berkeley immune to the impact of a housing crash, but it does put them in a stronger position than most rivals.’

The drawback is that shares in Berkeley are more expensive than others, so those looking for a bargain might consider its rivals.

Burgeman says that Persimmon, which four days ago produced pretax profits for the first six months of £440million (last year: £480million), ‘is a good company’.

Its dividends, equivalent to 13 per cent a year, are attractive.

Adam Vettese, analyst at social investing network eToro, says the company (like all housebuilders) will come under pressure if house prices soften.

But he adds: ‘Two of the most important indicators of future health are Persimmon’s profit margin and its future sales position, both of which are heading in the right direction – up.’

Other investment possibilities include Barratt and Taylor Wimpey, both providing income of around seven per cent per annum. Barratt’s management team breathed a huge sigh of relief when the Competition & Markets Authority recently dropped a misselling investigation citing ‘insufficient evidence’.

Last month’s trading update on the business was also upbeat, despite the firm acknowledging economic clouds on the horizon.

Taylor Wimpey’s recent results beat expectations, with Charlie Campbell, housebuilding analyst at investment house Liberum, placing a ‘buy’ on the stock.

INVEST LONG TERM FOR A FAIRYTALE ENDING

WHILE many investment experts are upbeat on the prospects for housebuilders, it is still important to concentrate on what is on the horizon – which is, of course, why these shares are relatively cheap compared to other sectors.

James Yardley, senior research analyst at fund scrutineer Chelsea Financial Services, says UK housing is a cyclical industry and has been in a ‘super cycle’ (where times are good) for the last ten years. That’s now ending, he believes, and housebuilders’ profits will reduce as the housing market slows and cost pressures rise.

‘Profits can quickly disappear in the housebuilding industry,’ he says. ‘Generally, now in the cycle is a bad time to own housebuilders.’

Yet he is more upbeat in the longer term. ‘The market has already priced in a lot of negatives,’ he adds.

‘Investment-wise, I would probably stay away at the moment, but I would be ready to pounce if and when the economic backdrop looks a little rosier.’

In short, housing might sound like a solid and stable investment, but don’t expect an easy ride – especially in the short term.

But if you can stay invested for long enough to withstand all the Big Bad Wolves at the door, you might end up with a fairytale ending. A part of an overall investment portfolio. But just one piece of the jigsaw.