Housebuilder in bullish mood as order book increases to £667m and profit hits £235m

Bellway Homes has increased pre-tax profit by 6.4% to £234.8m, despite what it described as challenging market conditions.

Turnover increased £114 to £1,354 million for the year ending 31 July 2007, while the order book increased by £20m to £667m as at 30 September.

Bellway said that five interest rate rises in the last year had resulted in a “tightening in demand” in Yorkshire, North West England and the Midlands.

The group said markets in Scotland, North East England and London had been unaffected by the rate rises.

Bellway said that despite a slight decline in reservations it would continue to deliver growth.