In a trading update to coincide with its annual general meeting today, Bellway chairman John Watson said that the company expected to report a 20% rise in legal completions for the six months ending 31 January 2014 at an increased average selling price.
鈥淏ellway has continued to see strong customer demand for new homes, aided by low interest rates and wider accessibility to higher loan to value mortgages,鈥� he said.
To maintain momentum, the company has spent 拢121m on development land since August and has agreed heads of terms on a further 4,000 plots with a value of 拢220m.
Mr Watson said: 鈥淔irm control of both construction and administrative costs, combined with a growing number of completions derived from recently acquired, higher margin land, ensures that the group is able to deliver ongoing growth in both operating profit and margin, with the latter expected to exceed 15% in the year ending 31 July 2014.鈥�
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