Bellway sees higher profit

BRITISH homebuilder Bellway expects first-half profit to rise up to 20 per cent as it sells houses in more expensive parts of the country. It also said average prices would continue to rise in the second half.

Bellway has 3,614 sales secured for this fiscal year, up nearly four per cent, and 400 for the next financial year. The firms said it was selling more houses and fewer apartments, with sales in southern England holding up particularly well.

The average sale prices was up over eight per cent to £167,600 and Bellway hopes to push it to £170,000 in the year ending July 2011.

Financial director Alistair Leetch told City A.M: “We think that consumer confidence... could go up or down. The average man on the street isn’t going to buy a house unless he’s in long-term employment. My opinion is that it should edge up, but there might be some bumps on the way.”

Brand Communications analyst Alan Green said: “Bellway probably represents... value for canny investors.”