Housebuilder Bellway has shrugged off uncertainty from the EU referendum to release a healthy trading update and plans for continued expansion in Scotland.
In a trading update for the six months to the end of January, it said revenue rose by 14% to around £1.3bn, while it has seen a 6.3% rise in the number of housing completions to 4,741.
Its average selling price has risen by 7.8% to £276,000, and the “appealing” land markets means it is continuing to grow its pipeline. It has contracted to buy 6,726 plots with a total value of £401m.
John Watson, executive chairman, said: “Bellway is continuing to make a sizeable contribution to the supply of much needed new homes and has delivered a further increase in both volume and average selling price in the six-month trading period. Significant investment in land, together with ongoing plans to expand the divisional structure, should lead to a further increase in output and hence result in additional value creation for our shareholders.”
The housebuilder will progress with plans to open a 20th division in Scotland.
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