Bellway has seen high demand for new homes
(Picture: Bellway)The boom in house building based on rampant homeowner demand shows no signs of abating as one of its largest players Bellway reported a 13% rise in revenues for the year to the end of July.
Revenue increased to more than £3.5 billion jumping more than £1 billion since 2020, £400 million since last year.
However, the company said it had faced a “backdrop of a challenging operating environment and macroeconomic uncertainty” to achieve the record results as mortgage interest rates are set to climb further to attempt to temper runaway inflation in the UK.
The London-listed company follows several other housebuilders in reporting leaps in demand for homes including Taylor Wimpey that revealed a 16% rise in half year profits only last week with house sales passing expectations.
Home completions upped 10.5% to a record 11,198 and now sit at an average selling price of £314,400 compared to £306,479 last year despite ongoing labour and raw materials supply in the building trade.
Jason Honeyman, chief executive of Bellway, said: Bellway has delivered another strong performance, with volume output and housing revenue reaching record levels for the group. This result has been achieved through our investment in land and the dedication of our colleagues, subcontractors and supply chain partners, against the backdrop of a challenging operating environment and macroeconomic uncertainty.
“Our sizeable forward order book puts the group in an excellent position to deliver another record year of volume output, notwithstanding the ongoing challenges in the planning system and upcoming end of the help-to-buy scheme.”
He added: “We remain dedicated to maintaining the high quality of our product, making further improvements in the service we offer our customers and setting ambitious targets in respect of carbon reduction.”
