Housebuilder adds reservation rates have begun to pick up

Bellway has said it will report higher completions for its current financial year than previously expected.

In a trading update, the housebuilder said it now expects output to be between 8,600 and 8,700 homes for the year to 31 July – up from the 8,500 homes it forecast in March.

Bellway put the better-than-expected figure down to “robust trading through the spring selling season” with reservation rates picking up in the last few months compared to the first half of its reporting year.

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A Bellway site in south Wales. The firm said this morning completions will be higher than expected this year

It said this was due to “good levels of customer demand and improved affordability” and single-digit build cost inflation.

Bellway’s average selling price is now anticipated to be around £315,000, higher than its previous guidance of £310,000, which it said is due to changes in its product mix.

The firm will release its full-year results for the year to July on 14 October.

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