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As of 16:37 14 Aug 2018
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As of 16:37 14 Aug 2018

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Bellway revenues up as housing demand 'remains strong'

Houses being built
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UK housebuilder Bellway expects revenues for the first half of its financial year to rise 14%, after it sold more homes at higher prices.

Revenues for the six months to 31 January are set to hit £1.3bn, the company said. The number of housing completions rose 6.3%, while the average selling price climbed 7.8% to a record £276,000.

"Market conditions continue to be favourable and customer demand for new homes remains strong," Bellway said.

"Notwithstanding the modest increase in the Bank of England base rate in November, mortgage rates remain low by historical standards, ensuring that the cost of financing a new Bellway home remains affordable."

UK housebuilders have also benefited from the government's Help-to-Buy programme, which aims to help first-time buyers purchase a new-build property.