Housebuilder strikes “cautious” note despite some encouraging signs following the Brexit vote

Housebuilder Bellway has said it is waiting on the outcome of the autumn selling season before completing new site acquisitions.

In a trading update, the firm struck a “cautious” note following the Brexit vote, despite some encouraging signs.

The firm said reservations since the EU referendum actually increased 10% on last year to 169 per week, adding: “There has been some modest caution from a small number of visitors to our developments at the higher value end of the London market, where Bellway has only limited exposure. 

“Overall, visitor numbers are still strong and the cancellation rate remains at a historic low.”

Bellway said its full-year results to July this year are expected to show a 27% increase in revenue to £2.2bn and a record underlying profit margin of 22%.