# Bellway lifts house price outlook after strong spring season
Published: 2024-06-07
Category: Headlines
Category URL: https://blockchaintribune.com/category/headlines/
Meta Title: Bellway raises house price forecast after strong spring season
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## Bellway lifts house price outlook after strong spring season   By Aby Jose Koilparambil    (Reuters) – British homebuilder Bellway raised its annual average selling [price](https://blockchaintribune.com/novo-nordisk-faces-us-congressional-grilling-over-price-of-weight-loss-drugs-ft-reports/) forecast on Friday and pointed to strong trading in the spring [selling](https://blockchaintribune.com/toyota-sold-2-billion-worth-of-cross-held-listed-shares-in-fy2023-24-filing-shows/) season as improved affordability lifted customer confidence.    The upbeat trading update comes as sticky inflation in Britain has clouded the outlook for interest rate cuts, tempering expectation of a swift recovery in the British housing market despite signs of stability at the start of 2024.    British house prices edged down by 0.1% in May from April, data from mortgage lender Halifax showed, representing a stabilisation of the market after a slowdown last year.    The company was more optimistic than its bigger rivals Taylor Wimpey and Persimmon.    “Bellway has delivered a solid trading performance supported by improved affordability and a seasonal uplift through the spring, CEO Jason Honeyman said.    The company, which builds one-bedroom apartments as well as six-bedroom family homes and luxury penthouses, said its weekly private reservation rate rose 6.9% year-on-year to 0.62 units during the Feb. 1 to June 2 period.    Bellway’s forward order book as at June 2 stood at 5,346 homes, compared with 6,172 homes a year earlier.    Peel Hunt analysts said in a note that with better pricing, they expect annual consensus operating profit to increase 2%-3%.    The group forecast its annual overall average selling price at around 305,000 pounds ($389,851), up from the previous guidance of 295,000 pounds, aided mainly by contribution from some high-value private completions in the final quarter.    It had posted an average selling price of 310,306 pounds in the year ended July 31, 2023.    The Newcastle upon Tyne-headquartered homebuilder reiterated its annual home-build target of 7,500 homes and an at least 600 basis points reduction in underlying operating margin from the year ago.    ($1 = 0.7824 pounds)        (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu, Mrigank Dhaniwala and Jane Merriman)


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