Housebuilder thanks Help to Buy for profit jump

Thu, 17 Oct 2013

Housebuilder thanks Help to Buy for profit jump
The house-building company Bellway has announced its annual pre-tax profits have risen by a third, with the impact of the Help to Buy scheme being credited as the reason why.

According to the firm, 29 per cent of its sales involved the scheme when its first phase was launched in April.

As a result, Bellway was able to sell eight per cent more properties during the year, while the average selling price of a house also increased by three per cent - to £193,000.

The company - which is the UK's fourth-biggest housebuilder - saw its revenues rise by just over ten per cent, while pre-tax profits climbed by a third to £140.9 million.

Bellway's chairman John Watson said: "More favourable mortgage conditions and a gradual improvement in consumer confidence - together with a continuing programme of site openings - have allowed the group to deliver its fourth consecutive year of earnings growth." The second phase of the Help to Buy scheme has recently been launched - with some critics saying more homes need to be built in order for it to avoid creating a new housing bubble.
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