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15 Jun, 2021 07:24 15 Jun, 2021 07:43

Bellway order book up 20% as buyers seek bigger homes

housebuilder building construction bellway

Bellway reported strong demand for new homes in the second half of its financial year as buyers looked for larger properties with home-working space.

The company on Tuesday lifted its forecasts for the average selling price to £300,000 from £293,000. The order book rose 20.5% to £1.89bn in the four months to June 6.

Bellway said demand for larger, higher-value homes remained "encouraging" as locked-down workers looked for more space amid the growing work-from-home trend sparked by the Covid-19 crisis. It expected to complete the sale of around 10,000 homes in the financial year ending July 31, compared with 7,522 units a year earlier.

The extension of the government's stamp duty holiday also helped sales, despite the introduction of lower regional price caps under the "help-to-buy" scheme outside of London, and the restriction to first time buyers only from April 2021.

"Demand for our high-quality new homes continues to be strong and customer confidence throughout the wider housing market is resilient," said chief executive officer Jason Honeyman in a trading update.

UK house prices have soared, recording their biggest annual increase since 2014 in May, according to recent figures from mortgage lender Halifax.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.