Bellway ups land investment on positive outlook

Housebuilder Bellway has increased investment in land as it looks to capitalise on what it sees as a positive outlook for housing demand.

In a trading update for the six months to end of January, Bellway said completions rose 6.5% to 4,437 for the period, while its order book increased 9% to £1.1bn. Land investment was up by 21% to £380m.

Ted Ayres, chief executive of Bellway, said: “Market conditions remain positive and accordingly Bellway is continuing to invest in a controlled manner, both in land and work in progress.”

The firm added that “customer demand continues to be robust and the purchase of a new home remains affordable, supported by a competitive mortgage environment and the continued availability of the Government’s Help to Buy scheme.”

Bellway will publish half-year results next month.