Housebuilder Bellway flags signs of recovery after plunging demand

The builder saw its private homes reservations rate plunge by 43.8% to 91 a week over the six months to January 31.

Housebuilder Bellway delivered record revenues (Mike Egerton/PA) (PA Wire)

Housebuilder Bellway has said homebuyer demand has started to improve after seeing reservations plunge by nearly 50% due to soaring mortgage rates.

The group, whose headquarters are in Newcastle, reported underlying pre-tax profits falling 4.6% to £312.1 million for the six months to January 31.

It delivered record revenues, up 1.6% at £1.8 billion, but saw its private homes reservations rate tumble by 43.8% to 91 a week over the first half in the aftermath of last autumn’s mini-budget market turmoil, as well as the end of the Help to Buy scheme.