Bellway posts higher housing revenue, lowers average selling price view

A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville/File Photo

Aug 9 (Reuters) - Homebuilder Bellway on Tuesday lowered its outlook on average selling price for the next year, and reported a rise in housing revenue in 2022 as it benefited from strong house prices.

The Newcastle-based company now expects average selling price to be over 300,000 pounds ($362,550.00) in the year ending July 2023, compared with 314,400 pounds in 2022.

British house prices rose at a slower pace in July from June, figures from mortgage lender Nationwide showed last month, in fresh signs of a potential cooling in the market. read more

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The country's housing sector is also struggling with a surge in build costs, labour shortages, and supply chain snags. Last month, bigger rivals Barratt and Persimmon flagged pressure on completions. read more

Bellway, founded in 1946, saw a 10.5% growth in housing completions to 11,198 homes, above its target of 11,100 homes.

Housing revenue for the year ended in July 2022 rose to more than 3.5 billion pounds ($4.23 billion), compared with 3.1 billion pounds a year ago.

($1 = 0.8275 pounds)

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Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.