Bellway was more optimistic than many of its housebuilder peers as it described the market as ‘stable, although incentive-led’ with some ‘robust’ areas after lifting its total number of completions from 7,117 to 7,638. Financial Times

The housebuilder, which focuses on the affordable end of the market, said reservations during the quiet summer months had been encouraging, despite recent interest rate rises.

Bellway said pretax profits would be in line with expectations. The average sale price up 3% to £174,000. Forward orders totalled £594m at the start of August, about 45% of its target for the year.