House builder Bellway enjoyed a 12% rise in sales for the six months to the end of January, but warned of tougher times ahead.
In a trading update, the group said it completed the sale of 2,247 homes during the reporting period - up from 2,014 a year ago.
Bellway鈥檚 operating margin fell to 6% percent, compared with 9.2% the year before, and its average sale price was also down fractionally at 拢156,000 compared with 拢156,146 for the six months to January 2009.
The house builder鈥檚 order book at 31 January stood at 拢390m (2009: 296m), representing 2,506 homes (2009: 2,173), of which 706 are for the following financial year (2009: 665).
Bellway has sold or reserved 92% (2009: 81%) of this year's target. Reservations have averaged 85 per week, compared to 65 in the corresponding period last year, and 104 from February to July 2009.
However, it warned: "With mortgage providers continuing to require a high level of deposit, particularly for first time buyers, we expect trading conditions during the first half of 2010 to be subdued relative to historic levels.鈥�
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