Completions down at Bellway but year starts well

Bellway completed 4,092 homes in the six months ending 31 January 2024, 28% down on the same period a year ago (5,695), at an average selling price of £309,300 (2023 - £316,929). The housebuilder now expects to complete around 7,500 homes in the full year, compared to 10,945 the year before.

In a trading update issued today, the firm said housing revenue was more than £1.25 billion (2023 - £1.8049 billion), in line with its expectations. The private reservation rate increased by 15.4% to 105 per week (2023 - 91), representing a private reservation rate per outlet per week of 0.43 (2023 - 0.38). The overall reservation rate rose slightly to 140 per week (2023 - 138).

Bellway said: “The reduction in mortgage interest rates throughout the first half has led to encouraging levels of customer enquiries in the traditionally quieter winter trading period, and an improvement in the private reservation rate during January to 0.59 per outlet per week (January 2023 - 0.45).” Bellway opened 34 new outlets in the six month period, and says it has plans to open more than 40 additional new outlets in the second half of the financial year.

The firm’s forward …