Newcastle-based house building giant Bellway on Thursday issued a trading update for the six months ended January 31, 2019, ahead of its interim results on March 27.

Bellway said it expects revenue to rise by 12% to almost £1.5 billion, with housing completions up 5.6% to 5,007 and average selling price up 6.5% to £293,800.

Cancellation rates, however, rose from 11% to 13%.

Bellway chairman Paul Hampden Smith said: “Bellway has delivered another strong trading performance, achieving growth in both volume and average selling price in the six month period. 

“Further, disciplined investment in high quality land, together with a sizeable forward order book, ensure that the group is well placed, over the longer term, to continue increasing its contribution to the supply of much needed new homes. 

“While the forthcoming exit from the EU is providing a degree of wider economic uncertainty, Bellway’s balance sheet is solid and the group retains its ability to respond positively to opportunities in the land market as they arise.”