FTSE 250 developer Bellway said it would slash the number of houses it plans to build next year, highlighting the extent of the slowdown in the market after the Bank of England’s long run of rate hikes.
The Newcastle-based firm said it will cut the number of completions by almost a third. It will build “around 7,500 homes in 2024, down from a “near-record” of 10,945 this year, it said, describing the cut as “a material reduction in volume” due to a “reduced order book and prevailing lower reservation rates.”
