Shares in Bellway have risen to the top of the FTSE 250 index after the housebuilder said market conditions were “robust”, with a rise in orders and completions.
At pixel time, shares were up by 3.5 per cent at £29.61.
In the quarter to the start of June, sales demand was up by 13 per cent to 221 reservations per week, while land investment was up significantly, to 10,250 plots, from 8,600 in the same period last year.
“Customer demand for new homes remains strong across all regions and has increased throughout Spring, in accordance with the usual seasonal trend, unabated by any uncertainty in the weeks preceding the recent General Election,” the company remarked.
CEO Ted Ayres said:
Robust market conditions, together with a clear operational focus, is enabling Bellway to continue increasing its contribution to the supply of much needed new homes.
We have made a significant investment in land and work in progress over a number of years and this, together with a strong balance sheet and substantial operational capacity for expansion, should ensure that Bellway is well positioned to deliver further volume growth, this year and beyond.