Shares in housebuilder Bellway were down in early trading after the company reiterated its guidance for the current year.
Bellway anticipated that it will sell around 600 more homes than last year, pushing it over the line to more than 10,000 homes for the first time.
Each of these is expected to sell for more than £280,000, an operating margin of around 22 per cent. This is almost flat on last year's 22.3 per cent margin.
The only cautious note in the update was around higher price points. Bellway said that in London, its attention its focussed on the affordable end of the market "in order to maintain strict capital disciplines".
With consumer interest in large and higher-priced homes dwindling, the group is using incentives in this part of the market.
Shares in the company were down 2.6 per cent in early trading.
“This has been another successful trading period for Bellway, in which the demand for new build homes remained strong, enabling the group to continue delivering its long term and sustainable strategy of increasing shareholder value through responsible volume growth," commented executive chairman John Watson.
"We have retained our status as a five star housebuilder and reservations are ahead of the same period in the previous financial year.
"For the full year, Bellway is on target to complete the sale of in excess of 10,000 homes for the first time in its history and in doing so, achieve another record year of earnings. Furthermore, we have invested a substantial amount in new land, laying the foundations for further growth, beyond this financial year.”