- Social housing completions creep up
- Valuation based on improved run rate
Housebuilder Bellway (BWY) had already given a masterclass in how to 'kitchen-sink' the worst of the bad news in a trading update in August, which meant that the figures as presented were no worse than anyone expected, and which gave bargain hunters the cue to rally to the shares. A combination of higher interest rates, the end of Help to Buy and the general state of Britain’s sickly housing market – weekly reservations from private buyers were down 35 per cent – meant that expectations for the results were held firmly in check.