Bellway (BWY) is the first company I look at in this week's round-up. Alpha subscribers can also read my analysis of Tristel (TSTL) and WH Smith (SMWH) here.
With one or two notable exceptions (Bovis and Crest Nicholson), the past five years have been very kind to housebuilding companies and their shareholders. Robust demand for homes, complemented by taxpayer subsidised mortgages in the form of the Help to Buy scheme, have seen more new homes sold for higher selling prices on land that was purchased at very attractive prices.