Bellway Reports Strong Sales Demand; Expects Higher Housing Completions In FY21

Bellway Plc (BWY.L), a residential property developer, Tuesday reported strong sales demand in the period from February 1 to June 6. The company reported an average of 239 reservations per week, an increase of 51.3% from last year's 158 per week, which was detrimentally affected due to COVID-19.

In the year 2019, prior to covid, average reservations per week was 244 per week.

Looking ahead for the fiscal 2021, housing completions are expected to be around 10,000 homes, compared to 7,522 homes in 2020, and 10,892 homes in 2019.

The average selling price for the year is now expected to rise further, to in excess of 300,000 pounds, up from 293,054 pounds in 2020 and 291,968 in 2019.

In its trading update, the company reported a robust forward sales position, with the value of the order book rising by 20.5% to 1.89 billion pounds and comprising 6,763 homes.

Jason Honeyman, Chief Executive, said, "Demand for our high-quality new homes continues to be strong and customer confidence throughout the wider housing market is resilient."

Bellway continues to perform well in the second half of the financial year, experiencing strong customer demand for high-quality new homes.

As previously reported, the reduced level of work-in-progress at 31 January, compared to July 2020, will result in a lower level of completions in the second half of this financial year, compared to the first half.

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