Bellway warns housing recovery is losing steam

Aaron Morby 14 years ago
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House builder Bellway today said concerns over government spending cuts have hit sales rates.

The firm also warned in its latest trading statement that Government proposals to reform the planning system could be a further drag on the recovery.

The Newcastle-based company said it made 100 sales per week in the 18 weeks to June 15, but had seen a dip in visitor levels and weekly sales in recent weeks.

“Since the general election, uncertainty concerning anticipated government fiscal policy and spending reviews has resulted in a slight reduction in both site visitor levels and weekly sales rates,” said Bellway.

The firm said that so far this year sales prices had risen 10% as a result of the change of mix of homes and greater sales in the south.

Despite concerns about the softening housing market, Bellway said legal completions would be up 200 from last year’s level of 4380.

Bellway added that its land teams continued to scour the market for deals, especially in the southern half of the country.

To date Bellway has committed £151m buying 2,475 new plots, with heads of terms or conditional contracts agreed on a further 5,275 plots.

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