Bellway completes record number of new homes
Housebuilder Bellway has hit an all-time record, with 10,892 homes completed in the year ended 31 July.
The number of housing completions increased by 5.7% against the previous year.
It is the 10th successive year in which the group has increased output.
Housebuilder Bellway has hit an all-time record, with 10,892 homes completed in the year ended 31 July.
The number of housing completions increased by 5.7% against the previous year.
It is the 10th successive year in which the group has increased output.
In a trading update ahead of its preliminary results, Bellway said it expects housing revenue to rise by 8% to almost £3.2bn.
However, declines in house price inflation “will result in further moderation in the operating margin”. It expects this to drop from 21.5% in January 2019, after a fall from 22.1% at 31 July 2018.
The average selling price increased by 2.5% to £292,000.
Bellway said demand remained strong through the ongoing availability of Help to Buy alongside an environment of low interest rates.
During the year it opened an additional 110 new sale outlets trading from an average of 268 active sites, with weekly reservations up by 5% to 210 per week.
Bellway said its divisions in Essex, Manchester and Scotland had the strongest results, in line with high demand for affordable homes.
Its forward order book comprises 4,878 homes, up from 4841 last year, however the value dipped by 5.9% to £1,223.9m.
Bellway chief executive Jason Honeyman said: “Trading conditions remain stable and customer confidence is resilient. This, together with a strong forward order book and a healthy balance sheet, ensures that Bellway is well placed to continue its long-term growth strategy.”
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