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Bellway reported record first-half volume output for the year, with the completion rising 6.3%, but the home builder said margins would continue to normalised amid a backdrop of flat house prices.
For the six months ended 31 January 2020, completion roe 6.3% to 5,321 new homes on-year, but at lower average selling prices of £286,500, down 2.8% on-year.
The private reservation rate rose to 151 per week from 136 on-year, with the overall reservation rate rising to 194 per week from 183.
The company said its forward sales position was 'robust,' with an order book comprising 4,598 homes up from 4,587 homes last year, and a value of £1,163.1m, up from £1,171.3m.
'In an environment of flat house prices, the operating margin will continue to moderate towards a more normalised level, in line with previous guidance. As a result, the Board expects profit before tax for the full year to be in line with current market consensus,' it added.