Bellway upbeat as order book swells to £670m

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Housebuilder Bellway today told investors that its prospects remained bright thanks to the continued strength of the property market.

The group said its reservation rate since the start of February increased by 11 per cent to 177 a week, while its forward order book of homes due for completion after July now stands at £670 million, compared with £380m a year ago.

Newcastle-based Bellway, which expects to achieve an average selling price slightly above £210,000 for the full year, said the UK government’s Help to Buy shared equity scheme remained “an important selling incentive”, especially outside London.

Chief executive Ted Ayres said: “The strong UK housing market and our disciplined approach to land investment provides a significant opportunity for ongoing volume growth.

“This strong position, together with a focus on improving return on capital employed, ensures that Bellway remains well placed to deliver further enhancement to shareholder value.”