The recovery for UK housebuilders, a sector that lost about 40% in the days following last year's European Union Referendum, has begun to stall again in the trading sessions since this month's general election.
Investors react badly to political and economic uncertainty and after the election they have both in abundance.
But will this period of market volatility prove to as bad for the sector? If not, what is likely to underpin it?
Last June's referendum-related losses were severe. Both Persimmon and Barratt Developments, Britain's two biggest builders by market cap, lost more than 60% in the three days following the Brexit poll.
Fears of a Brexit-led recession were underlined by a sharp fall in the pound and analysts warned that an exodus of EU migrants would hit housing demand.
These concerns proved unfounded, however. While growth slowed in the first quarter this year, recession seems less likely. House price growth slowed a little, but demand remained robust.
Indeed, the shares of housebuilders returned to and passed their pre-referendum levels in March.
But it hasn't taken long for the next scare to hit the sector.
The uncertainty now surrounding the UK economy and financial markets since the general election returned a government without a majority has put the sector back on the defensive.
"We would expect the sector to be less attractive to investors as economic uncertainty has ramped up, and house buyers become more reticent," says Charlie Campbell sector analyst at Liberum.
Data published this month by the Royal Institute of Chartered Surveyors show that in the weeks leading up to the election, activity in the housing market slowed.
Enquiries from new buyers and instructions from sellers fell in May, with 25% more respondents reporting a decline in fresh listings.
This, according to Simon Rubinsohn, RICS chief economist, was likely due to expectations that house prices are growing faster than wages.
House prices rise more slowly
Growth in house prices is slowing. According to Halifax, the UK bank, house prices in the three months to May fell by 0.2%.
However, the annual rate of growth on a three month rolling basis was up 3.3% from the same period last year. So, house prices continue to grow at a faster rate than wages, which in April, increased by just 1.9%.
Nationwide Building Society's similar research showed that house price growth slowed in May for the third consecutive month, down to an annual 2.1% from 2.6% in April.
Robert Gardner, Nationwide's chief economist says: "Household spending is likely to slow in the quarters ahead, along with the wider economy, as rising inflation increases the squeeze on household budgets.
He adds: "This, together with mounting housing affordability pressures, is likely to exert a drag on activity and house price growth in the quarters ahead."
Meanwhile, homeowners are more likely to stay put during times of economic uncertainty, putting off house moves until they see clear improvement.
Data from Connells, the surveyor, shows that of those asking for house valuations in May, only 27% were from sellers, as growth in remortgaging accounted for 23%.
The data, Connells says, suggests potential movers are waiting, while others may be remortgaging to perform upgrades to their existing homes.
Housebuilder share prices
The data, then, point to a period of slowing activity for house sales, which bodes badly for demand. This, in turn, would appear to be a barrier for shares in the housebuilders sector to move much higher from here.
After the post-referendum surge, some shares may also be looking a bit pricey and vulnerable to profit taking.
Campbell at Liberum says: "Valuation across the sector was becoming somewhat stretched, and we expect the shares to be weak on increased uncertainty."
But, he believes the sector is likely to be underpinned.
"We would not expect valuations to retest post-referendum lows as the industry proved more resilient than expected, which will not have been forgotten."
Shares in Barratt have fallen nearly 4% since the 8 June election, while Persimmon's are down 6.4%. Post-election moves on the FTSE 250 have been less severe. Indeed both Bellway and Bovis Homes are up.
Growers not returners
Campbell says this is because Barratt and Persimmon on the blue-chip index are expected to return more cash to shareholders - hence they were better performers in the post-referendum recovery. They are likely to be more vulnerable in the coming weeks.
The better performers during the current post-election uncertainty are likely to be the smaller businesses.
"The growing housebuilders have been relative underperformers in the sector," says Campbell. "We prefer Bellway and Gleeson."
Any slowdown also looks likely to be less severe for London builders. On Wednesday Berkeley Homes announced London needed an extra 200,000 builders to cope with the demand for homes in the capital.