- Homebuilder Bellway raised its annual guidance on output and margins as 'strong' underlying demand boosted homebuilding activity to record levels in the first half of the year.

Housing completions for the full year to 31 July 2021 were now expected to increase to around 9,800 homes, up from 7,522 last year, and the underlying operating margin for the full year was expected to improve by at least 200 basis points, up from 14.5%.

For the six months through 31 January 2021, the company reported record first half volume output, with the completion rising 6.3% to 5,656 year-on-year.

The private reservation rate increased 3.3% to 156 per week and the order book jumped to 5,889 homes from 4,598 homes last representing a value of £1,625.3 million, up from £1,163.1 million.

Looking ahead, the company said the completion profile 'will be weighted towards the first half because of the strong work-in-progress position at the start of the year.'

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