Bellway revenue to hit £1.5 billion

Revenue to rise by over 12%
The average selling price has risen by 6.5% to £293,800

Housebuilder Bellway expects total revenue to rise by over 12% to almost £1.5 billion, as demand for affordable new homes remains strong.

Bellway expects the number of housing completions to rise by 5.6% to 5,007, with the average selling price rising by 6.5% to £293,800.

Despite Brexit uncertainty, demand for affordable new homes remains strong, helped by low interest rates and the Government’s Help to Buy scheme. Today’s positive trading statement comes a day after Redrow reported a record £185 million profit for the first half of the year.

Paul Hampden Smith, Chairman, said: “Bellway has delivered another strong trading performance, achieving growth in both volume and average selling price in the six month period. While the forthcoming exit from the EU is providing a degree of wider economic uncertainty, Bellway’s balance sheet is solid and the Group retains its ability to respond positively to opportunities in the land market as they arise.”

Founded in 1946 by John Thomas Bell and his sons, Bellway is now one of the most successful house builders in the UK, directly employing more than 2,000 people.