Bellway abandons plans to build 1,000 more homes this year as market fears deepen

By Joey Gardiner2022-10-18T09:41:00

Source: Shutterstock

Housebuilder says it will pare back targets because of mini-budget’s impact

Bellway has abandoned plans to increase its output by nearly 10% this year in the face of the deepening market uncertainty heightened by the recent mini budget fiasco.

Announcing full year results for the year to July 2022, in which it reported pre-tax profit sharply down as a result of a £346m provision for fire safety repairs, the Newcastle-based, listed housebuilder said it now expected volume for the current financial year to be “similar” to the 2022 level.

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