Bellway completes record number of new homes

Housebuilder Bellway has hit an all-time record, with 10,892 homes completed in the year ended 31 July. The number of housing completions increased by 5.7% against the previous year. It is the 10th successive year in which the group has increased output. In a trading update ahead of its preliminary results, Bellway said it expects housing revenue to rise by 8% to almost £3.2bn. However, declines in house price inflation “will result in further moderation in the operating margin”. It expects this to drop from 21.5% in January 2019, after a fall from 22.1% at 31 July 2018. The average