Category Archives: Bellway

Shares in UK’s top housebuilders fall as housing market cools

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Large estate agent chain’s profits also hit as interest rate rises and cost of living crisis put off potential buyers

Shares in one of the UK’s biggest estate agent chains and some of the largest British housebuilders fell on Friday, amid the latest warnings about the outlook for the housing market, as potential homebuyers are squeezed by rising interest rates and the cost of living crisis.

The share price of LSL Property Services, one of the UK’s largest estate agent chains, tumbled by as much as 11% after it warned on profits for the second half of the year and said conditions in the housing market had become more challenging than anticipated.

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UK housebuilder Bellway expects sluggish sales as interest rates rise

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Company warns that next 12 months will be tougher, with economy likely to go into recession

The UK housebuilder Bellway has said demand for houses has moderated since the summer and it expects the number of sales to be roughly flat over the next year against a backdrop of rising interest rates and a deteriorating economy.

The company completed a record 11,198 homes in the year to 31 July, up 10.5% on the previous year, as a booming housing market drove £3.5bn of revenues, up 13% and also a record.

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Housebuilders pledge £1.3bn for fire safety work on mid-rise blocks

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Funds for remediation including removal of flammable cladding still short of £4bn government estimate

Major UK housebuilders have so far promised to spend about £1.3bn to remove cladding and other fire hazards from mid-rise housing blocks, but are still short of the estimated £4bn needed to avoid another Grenfell Tower-style disaster.

On Wednesday Barratt Developments and Redrow were the latest to reveal how much they would put aside to address life-threatening fire safety issues in the housing developments constructed by the firms over the past 30 years. Barratt said the decision would cost it up to £400m, while the figure for Redrow is £200m.

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