June 9, 2020 / 6:31 AM / a month ago

Bellway sells about 1,000 fewer homes between August and May

FILE PHOTO: A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. Picture taken February 5, 2017. REUTERS/Toby Melville

(Reuters) - British housebuilder Bellway Plc (BWY.L) said on Tuesday it sold about a 1,000 fewer homes between August and May, as business activity remained restricted after it closed its centres due to the coronavirus lockdown.

However, the Newcastle-based company said that it had restarted construction activity on around 230 sites and also on those homes which are in the latter stages of production.

Housebuilders are beginning to return to their normal levels of operations after Britain’s nine-week lockdown, with Bellway’s bigger rival Taylor Wimpey Plc (TW.L) saying last week it saw a surge in interest in buying new homes.

The company, which builds apartments, family homes and luxury penthouses, also said that it expects year-on-year sales activity to be severely constrained until lockdown restrictions are further lifted.

Bellway sold 6,721 homes during the period between August and May, compared to 7,674 homes it sold in the same period last year, and an order book of 1.57 billion pounds at May 31.

Net bank debt stood at 157 million pounds as at May 31.

Reporting by Samantha Machado in Bengaluru; Editing by Rashmi Aich

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