Bellway stock slipped back today, despite a set of interim results that the company said highlighted “strong underlying demand” in the housing market.
The company posted a near-12% year-on-year rise in revenue for the six months to 31 January, at £1.7bn, although pre-tax profit dropped by 4% at £280.2m.
Chief executive Jason Honeyman said: “The fundamentals of the housing market remain robust, with an underlying requirement for new homes in the UK. Affordability is good, supported by an ongoing environment of low interest rates and the mortgage market is broadly supportive, although deposit requirements generally remain high, outside of the government’s Help to Buy scheme.”
Bellway’s shares ended the day down by 2.3% at 3,413p.
Taylor Wimpey, meanwhile, was the steepest faller in the FTSE 100, shedding 3.1% to close at 178.15p.
The day’s biggest real estate gains included Circle Property (up 5.6%), Hammerson (4.3%) and Empiric Student Property (3.3%).
The FTSE 100 and 250 indices both ended the day slightly up, at 6,712 and 21,402.
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