Bellway has seen its total number of housing completions increase by 11.9% in the six months to 31 January, after analysts described the current housing market as a "toddler which has been given too many sweet treats".

The housebuilder also saw its private reservation rate per outlet per week increase by 18.6% to 0.51 in this time, including a contribution from bulk sales of 0.06.

Of the housing completions, the average selling price stood at £310,600, compared to £309,278 in the same period in 2024.

As of 31 January, the firm’s order book comprised 4,726 homes, with a value of £1.31bn.

Group chief executive at Bellway, Jason Honeyman, said: "Bellway has delivered a strong first half performance in challenging market conditions. While mortgage interest rates have increased modestly since the autumn, customer demand has remained robust, and the group has a healthy order book to support our targeted growth in volume output for the full year.

"The group has a strong balance sheet and land bank, and we remain very well-positioned to capitalise on future growth opportunities while continuing to play an important role in meeting the growing need for new homes across the country."

Looking ahead, the firm said that supported by its "healthy order book", it remains on track to deliver full year volume of at least 8,500 homes, with output weighted to the first half.

While it has been "encouraged by a seasonal pick-up" in customer enquiries and reservation rates in the early weeks of the current spring season, it remains "mindful of the sensitivity of customer demand to mortgage affordability and the evolving economic backdrop".

Investment director at AJ Bell, Russ Mould, concluded: "Bellway remains a long way from building back margins and volumes towards their recent peak in 2022. Yet the company seems to be keen to seize on any positive signs and notes encouraging levels of customer enquiries and reservations.

"The UK property market currently has the feel of a toddler which has been given too many sweet treats as the looming hike in stamp duty thresholds encourages buyers to conclude transactions before the end of April. Parents know what typically follows a sugar rush and investors are similarly wary of a potential sluggishness post-April, judging by the reaction to Bellway’s update.

"The mortgage market is still unhelpful for Bellway, given rates have gone up with gilt yields despite interest rates coming down, and the business and the wider industry are seeing building cost inflation tick higher again."

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