Housebuilder says completion up during period

Bellway has increased its housing turnover 3.5% as strong market demand led to a record number of completions in the first half.

The housebuilder, in a trading update covering the six months to 31 January, reported housing revenue of £1.78bn up from £1.71bn the previous year.

Bellway completed 5,694 new homes, up slightly on the 5,656 completed during the same period the previous year. It said it is on track to boost its output for the full year by 10%. Completions totalled 10,138 in the previous full year.


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Bellway said it is on track to build 10% more homes this year

Its average selling price rose 2.8% to £311,800, which it says exceeds previous expectations.

Bellway’s said it now expects its operating profit margin for the full year to be above 18%, compared to 17% the previous year.

Bellway also said it welcomed the government’s “attempt to restore a more proportionate approach towards fire remediation strategies and we will engage positively with them to help establish a workable, industrywide solution”.

It added: “We will continue our proactive and responsible approach and we share the Government’s general sentiment that the costs of correcting historical fire safety defects should not be borne by residents.”

Bellway’s interim results are due out on 29 March.