In a performance likely to be replicated by other housebuilders, Bellway (BWY) kicked off the sector's reporting season with a barnstorming performance for the year to July. Volumes, selling prices and operating margins all set new records for the company, paving the way for a big increase in the dividend.
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House completions rose 13 per cent to 7,752, while the average selling price was 5 per cent higher at £224,000. This combination of scale benefits and house price inflation pushed the operating margin up from 17.2 per cent to a record 20.4 per cent.