February 8, 2018 / 7:36 AM / 2 years ago

UK's Bellway sees revenue growth on higher priced home sales

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

(Reuters) - British housebuilder Bellway Plc said on Thursday it expected an over 14 percent rise in housing revenue in the first half, as it sold more homes at higher prices.

“Market conditions continue to be favourable and customer demand for new homes remains strong,” the company said.

Affordable housing finance along with government support, including new measures such as stamp duty relief for first-time buyers, has helped the demand for new homes, the company said.

British housebuilders have benefited from years of rising house prices and government incentive schemes, although the sector has been criticised for not building enough affordable housing.

Bellway said housing revenue for the six months ended Jan. 31 is expected to be around 1.3 billion pounds.

Average selling price rose by almost 7.8 percent to 276,000 pounds in the period.

The company expects full-year volume growth rate to be similar to first half, with an additional sales completion of about 600 homes.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier and Amrutha Gayathri

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