Housebuilder Bellway cheers higher profits and sales

Bellway has managed to boost sales and profits despite Brexit jitters causing some would-be buyers to scrap their purchases, the housebuilder said on Wednesday.

The FTSE 250 firm sold 5007 homes in the six months to January 31, helping revenue to rise 12.4% to £1.5 billion. Pre-tax profits rose to £313.9 million from £288.7 million.

Flats sold in London were in areas such as Stratford and Nine Elms.

The average selling price of all homes that were snapped up rose by 6.5% to £293,832.

It benefited from high employment, good access to affordable mortgage finance and the Help to Buy scheme.

That helped to offset a small increase in cancellation rates, which rose to 13% from 11%.

Boss Jason Honeyman blamed “a slight moderation in customer confidence in the wider economy” caused by Brexit uncertainty.

Bellway upped the dividend by 5% to 50.4p per share.

Shares in Bellway rose 2%, or 71p, to 3071p.