Housebuilder Bellway believed the residential property market remained “robust” last year as it described a healthy rise in sales, regardless of the uncertain economic conditions.
The Newcastle-based group stated that housing revenue is expected to rise over 13% to £2.5 billion in the year ended July 31.
Since the general election demand has “remained strong”, with customer desire to purchase new properties so far “unaffected by any uncertainty in the wider economy”.
Completions increased to 10.6% to 9,644, and Bellway continued that the value of its forward order book grew 16% to £1.3 billion.
Boss Ted Ayres stated: “A focus on delivering growth, set against a backdrop of favourable market conditions, has helped Bellway to surpass last year’s record in respect of both volume and operating margin and further increase the group’s contribution to the supply of much-needed new homes.
“This excellent trading performance, together with additional investment in attractive land opportunities, ensures that Bellway is well placed to continue its disciplined growth strategy.”
Bellway highlighted that the housing market continues to be supported by the Government’s Help to Buy scheme and good accessibility of affordable mortgages.
Demand remains strong for residential properties across all regions, Bellway said, and the average cost for its homes was £260,000.
Bellway also informed that land investment had increased with the group contracted to obtain 11,613 plots, a rise from 9,555 in 2016.