Bellway reports 12% profit rise amid housing market rebound

Bellway Plc reported a 12% increase in half-year profit, reaching £150.2 million, attributed to lower mortgage rates and improved consumer confidence in the housing market. The company completed 4,577 homes during this period, marking an 11.9% rise in housing completions, with revenue climbing to £1.429 billion. Despite ongoing affordability challenges, Bellway's average selling price remained stable at £310,581 per home. CEO Jason Honeyman expressed optimism about the company's ability to meet its goal of at least 8,500 completions for the financial year, up from 7,654 last year. The interim dividend was increased to 21p per share, reflecting the strong performance. Analysts noted that while profit figures were slightly below consensus, the overall outlook for Bellway remains positive as it navigates the current market conditions.