The Help to Buy scheme and a low exposure to the top end of the housing market helped Bellway to increase annual profits by 14% after it built and sold more than 10,000 homes for the first time.
The FTSE 250 housebuilder reported pre-tax profits of £641.1m on the back of a 15.6% rise in revenue to just under £3bn in the year to the end of July.
It sold 10,307 homes, up from 9,644 last year. Nearly 40 per cent of completions were backed by the government’s Help to Buy scheme and 67 per cent of customers who used it last year were first-time buyers.
Despite the rise in profits, the group warned Brexit uncertainty and its impact on consumer confidence posed challenges for the year ahead, according to the FT.
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