A strong pre-close trading statement - ahead of full-year results on 14 October - has provided further confirmation that housebuilder Bellway (BWY) is taking full advantage of the housing sector boom. Output in the year to end-July grew by 21 per cent to 6,851 homes, while a change in the product and geographical mix - meaning more family homes in the prosperous south-east - lifted average selling prices from £193,000 to £213,000.
Forward sales grew by 36 per cent, pushing the order book up to a record £924m. Last year's modest £5.8m net debt pile was turned into £5m of net cash, too, despite spending around £460m on land replacement. Average reservations per week grew from 128 to 148 despite the seasonal slowdown experienced around this time of year. New divisions have also been opened in Manchester and the Thames Valley.