Bellway cashes in on property boom

HOUSEBUILDER Bellway forecast another set of record full-year results today. The firm, which specialises in redeveloping brownfield sites, achieved higher operating margins and a 7% increase in its average selling price to £160,000 over the 12 months to 31 July.

The company sold 6,610 homes in the year, up from 6,278, and has already secured orders worth £587m for the current year - more than 50% of its target.

Bellway is the latest builder to reveal how the boom in house prices - which according to Halifax have doubled to £160,000 in the past five years - has filtered through to rising profits.

Persimmon, Wimpey, Bovis and Kier have all issued upbeat trading statements or results in the past month.