Bellway delivers record homes amid ‘robust’ housing market

Housebuilder Bellway enjoyed record output over the past six months, it said this morning, as the company capitalised on post-lockdown pent-up demand and a “robust” housing market. In a trading update for the first six months of its financial reporting year, ending 31 January, the company said it delivered 5,656 new homes, a year-on-year rise of 6.3%. Bellway said it had an order book of 5,889 homes, valued at about £1.6bn. This was up from 4,598 homes at the same time last year. Net cash stands at about £346m. The firm said the housing market had strengthened since the first lockdown had lifted, thanks to low interest rates, the temporary stamp duty holiday and “good affordability”. It added that despite the temporary break in the first half of last year, customer demand for “mid-market, high quality housing” had not gone away. The company contracted 8,848 plots of land across 54 sites during the period, up from 7,005 plots for the same period the year before. Chief executive Jason Honeyman said: “While uncertainty remains in the wider economy, the underlying demand for good quality new homes remains robust and we have therefore made further, disciplined investment in attractive land opportunities. “Looking forward, we have a sizeable forward order book, which provides a solid platform for the second half of the financial year and beyond. “In addition, our balance sheet is strong, with significant cash resource and this provides the group with the necessary resilience and flexibility to respond positively to the evolving economic environment.” To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette