Hopes for housing as Bellway makes profit

HOUSEBUILDER Bellway sounded a note of optimism on the property market yesterday as it returned to profit.

The group posted a pre-tax profit of 19 million for the six months to 31 January, up from a 48.6m loss the previous year when the housing slump meant it suffered large write-downs on the value of its land.

Bellway said it sold 2,247 homes in the half year, an increase of 11.6 per cent on a year earlier. Chairman Howard Dawe said: "Bellway is well placed to benefit from a housing market that should gradually improve."

The firm saw profits tumble after big write-downs when the property market convulsed under the pressure of the credit crunch and recession.

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