Reporting on the period from February 1 to June 6 2021, the firm said that during this time it saw an average of 239 reservations per week, up 51.3% on the equivalent period in 2020 - which Bellway acknowledged was severely affected by Covid-19 – and against the 244 per week of 2019.
Average private weekly reservations from February to June were 193 per week compared to last year’s 120 and 2019’s 190.
Bellway said the demand for larger, higher value homes remained “encouraging” in the context of the second iteration of Help to Buy, driven by the extended stamp duty holiday and customer preferences for more home working space.
It added that this environment had driven up prices higher than previous guidance, with Bellway’s average selling price for the financial year expected to be in excess of £300,000, compared to FY 2020s £293,054 and 2019’s £291,968. Prices are set to moderate for FY 2022 due to ongoing product mix changes.
The business noted the increased demand for skilled labour and materials which was pushing up costs throughout the industry. Bellway said that house price growth was currently offsetting the pressures “and in turn, helping to preserve site-based margins”.
Bellway has also been investing heavily in land since August 2020, contracting to acquire around 15,982 plots (2020 - 10,079 plots, 2019 - 10,620 plots).
Its expected home completions for the year (ending July 31 2021) of around 10,000 compares to the 7,522 of last year and 2019’s 10,892.
Jason Honeyman, Bellway’s CEO, said: "Demand for our high-quality new homes continues to be strong and customer confidence throughout the wider housing market is resilient. Customer satisfaction is high and our recently launched ‘Customer First’ programme will help to improve quality further and will build upon our continued success as a five-star home builder.
“We have continued our front-footed approach to land acquisition, making a record investment in new sites, thereby enabling us to grow sales outlets and meet the ongoing demand for new homes in the years ahead. This disciplined investment approach, together with our strong balance sheet, ensures that Bellway is in a good position to continue its long term growth strategy."
