- House builder Bellway reported record first-half volume output for the year, with completions rising 6.3%, but it said margins would continue to 'normalise' amid a backdrop of flat house prices.

For the six months ended 31 January 2020, completions rose 6.3% on-year to 5,321 new homes, but at lower average selling prices of £286,500, down 2.8% on-year.

The company's private reservation rate rose to 151 per week from 136, with the overall reservation rate rising to 194 per week from 183.

Bellway said its forward sales position was 'robust,' with an order book comprising 4,598 homes up from 4,587 last year, and a value of £1.16bnm, up from £1.17bn.

'In an environment of flat house prices, the operating margin will continue to moderate towards a more normalised level, in line with previous guidance. As a result, the Board expects profit before tax for the full year to be in line with current market consensus,' it added.

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