Newcastle housebuilder Bellway sees orders hit £1.7bn

Newcastle-based house building giant Bellway said on Tuesday it is on target to complete the sale of more than 10,000 homes in a year for the first time — and achieve another record year of earnings.

In a trading update for the period from February 1 to June 3, Bellway said the value of its order book is 7.8% ahead at £1.7 billion.

Bellway said it has made substantial investment in land, with £678 million spent on land and land creditors since  August 1 last year.

Bellway executive chairman John Watson said: “This has been another successful trading period for Bellway, in which the demand for new build homes remained strong, enabling the group to continue delivering its long term and sustainable strategy of increasing shareholder value through responsible volume growth.

“We have retained our status as a five star housebuilder and reservations are ahead of the same period in the previous financial year.

“For the full year, Bellway is on target to complete the sale of in excess of 10,000 homes for the first time in its history and in doing so, achieve another record year of earnings.

“Furthermore, we have invested a substantial amount in new land, laying the foundations for further growth, beyond this financial year.”