Housing boom builds record profits at Bellway
Wednesday 15 October 2003
Bellway, the middle market housebuilder, has defied predictions of a housing slowdown by achieving a leap in sales and profits and by promising to build more homes. Turnover in the year to July jumped 23.4 per cent from £773m to £954m as Bellway sold more homes - 6,278 compared with 6,044 in the previous 12 months - at higher average prices, the group announced yesterday.
The cost of a Bellway home rose from £120,800 to £149,700. Its chief executive John Watson said only 8 per cent of the increase was due to house price inflation. The rest was down to building larger properties of higher quality.
Mr Watson said the key was to maintain a wide geographic spread and Bellway has stepped up building further north just as the regions have played catch up with London. The new South-west division will contribute to profits in the current financial year and an experienced manager has been appointed to lead a new division in the Thames Gateway area around Barking, an area identified by the Government as ripe for development.
Mr Watson said: "With high employment levels, low interest rates and household formation [rising] above the rate of new housing supply, the market place has remained buoyant."
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Ann Summers survey reveals the UK's favourite sex position
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...