Bellway shares dip as cost pressures loom

By Hamish Champ2019-10-15T10:54:00

Housebuilder also announces strategic shift away from London

Bellway is scaling back its exposure to the London housing market, indicating it is leaning towards buying and developing more profitable land outside the capital.

The listed housebuilder, which announced its annual results today, said it would “continue to invest in financially viable locations in London where demand is strong”.

But it said “the proportion of homes sold in [the capital] is likely to reduce in the foreseeable future, reflecting the positive availability of good quality land at attractive returns elsewhere in the country”.

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