After a tough autumn for its shares, in part due to the fiscal crunch, Bellway looks well-priced in light of its third-quarter interim statement.

Despite the fall in year-on-year unit sales, it beat consensus expectations and analysts are still setting their target price higher than its 612.5p close yesterday.

The company has issued guidance suggesting that pre-tax profit is on track to grow 20 per cent in the first half of next year, in part because of margin improvements and developments in the pipeline.

It also expects a similar level of completion activity in the six months to January next year as it saw during the same period last year.

But the board had to admit that UK?housing is still a “tough and testing market”, so investors should keep a wary eye on consumer confidence and house prices.

Given the 9.5 per cent rise in the firm’s share price yesterday, the best short-term buying opportunity might have passed for now, but investors could still catch something of a tail-wind if the wider macro-economic signs fall into line.