Builder Bellway ringing up rising sales as confidence returns

Confidence has picked up since Chancellor George Osborne wielded the axe in October with more buyers willing to commit to new homes, housebuilder Bellway said today.

The firm has sold an average 90 homes a week since the spending review, up from around 70 in the build-up to the cuts.

"There's a feeling that we have got some of the bad news behind us," chief executive John Watson said.

Bellway is pushing away from its traditional northern base with around two-thirds of its recent land spend located in more robust southern markets and the company is planning to open more sales sites early next year.

The firm even sold a luxury flat in Fulham for £649,000 recently.

"We're not often fishing in these kind of waters," Watson added.

Bellway also flagged up profits 20% ahead of last year's £19 million in the six months to January 31.

The company's shares rose by 10p to 568p.