Send us your pictures, video, news and views by texting NORTHERN ECHO to 80360 or email us
Housebuilder focuses on growth
2:47pm Thursday 5th June 2014 in Business
A NORTH-EAST housebuilder is focused on growth after strong sales bolstered its order book.
Bellway, which has headquarters in Newcastle, says reservations lifted 11 per cent between February 1 and May 31, with an average of 177 weekly viewings.
The company, which has developments in Darlington, Stockton, and Chester-le-Street, County Durham, revealed a forward order book of £670m, with net bank debt at £47m, down from £95m in the same period last year.
Bosses say the improvement has been cultivated by Government’s Help to Buy scheme and their decision to spend £400m on land for future developments.
They revealed Help to Buy was responsible for delivering 879 reservations in the period.
Ted Ayres, chief executive, said: “The strong UK housing market and our disciplined approach to land investment provides a significant opportunity for ongoing volume growth.
“We have a substantial balance sheet and operational capacity for further expansion.
“Land with detailed planning permission is already in place to achieve next year's volume growth plans.”
Comments are closed on this article.