AIQ Business

Business & Finance

Housebuilder Bellway makes report funding in land as home costs soar

Housebuilder Bellway says it has made a report funding in land as demand for housing has neared ranges seen earlier than the pandemic.

In a buying and selling replace to the Inventory Trade, the Newcastle firm stated it had seen sturdy gross sales demand within the interval from February to June, with a median of 239 reservations every week. That in comparison with 158 final 12 months – initially of the pandemic – and 244 two years in the past.

The corporate stated it had made a report funding in land, with virtually 16,000 plots contracted since August final 12 months, and had a robust stability sheet, with internet money of £408m.

Bellway is anticipating to finish gross sales of round 10,000 properties in its full 12 months, with common costs rising above £300,000.

Chief government Jason Honeyman stated: “Demand for our high-quality new properties continues to be sturdy and buyer confidence all through the broader housing market is resilient.

“Buyer satisfaction is excessive and our lately launched ‘Buyer First’ programme will assist to enhance high quality additional and can construct upon our continued success as a five-star house builder.

“Now we have continued our front-footed strategy to land acquisition, making a report funding in new websites, thereby enabling us to develop gross sales shops and meet the continued demand for brand new properties within the years forward.

“This disciplined funding strategy, along with our sturdy stability sheet, ensures that Bellway is in a superb place to proceed its long-term development technique.”

The corporate stated it had been supported by the prolonged stamp responsibility vacation and by folks needing more room to work at home.

It highlighted rising demand for expert labour and rising costs for constructing supplies, however stated rises in home costs have been at the moment offsetting these pressures.

Source link