UK housebuilder Bellway reported that completions rose to record-breaking levels in the first half of the year, sending revenue soaring.
Housing revenue jumped more than 12 per cent to £1.72bn in the first half, up from £1.52bn the previous year.
Read more: Bellway shares dip on low July house sales
The number of homes sold rose 6.3 per cent to 5,656, compared to 5,321.
Bellway also said it had a substantial forward order book of 5,889 homes, with a value of £1.63bn, up from £1.16bn.
The growth in volume is a result of “the exceptionally high order book and elevated construction progress at the start of the financial year”.
“The very strong first half completion performance has reduced levels of work in progress and this, together with our ongoing focus on build quality, will result in a lower level of completions in the second half of the financial year,” Bellway said.
The average selling price rose by 5.8 per cent to around £303,200, influenced by a greater proportion of private housing completions, which rose to 78 per cent of the total.
Bellway also deliberately accelerated the construction and sales completion of higher value homes in advance of the change in the Help-to-Buy price caps, which becomes effective from 1 April 2021.
More to follow