Bellway order book surges as housing market improves

11th Feb 2014 07:40

- Half-year revenue, order book surges- Low borrowing costs and Help to Buy boost sales- Average selling prices boosted by high value London apartmentsBellway said improving house prices and increased demand underpinned a 41 per cent surge in half-year revenue while its order book jumped 73 per cent to 783m pounds.The residential property developer said it benefited from continued strength in the UK housing market, supported by strong consumer demand and access to affordable mortgage finance, driven by the availability of the government's Help to Buy.Housing revenue in the six months ended January 31st increased to £690m from £486.7m the same time a year earlier. The average selling price of homes sold rose by 13% to £212,000. Sales of particularly high value London apartments underpinned prices as did a greater proportion of completions in the south of England.It completed the sale of 3,245 homes over the six-month period, an increase of 25% on last year. Since August 1st, it has taken an average of 137 reservations per week.Bellway said it is well positioned to deliver further volume growth and expects legal completions to increase by over 15% for the full financial year.It has invested £240m in land over the last six months and retains a significant balance sheet capacity to continue investing in land as opportunities arise.CJ