Reservations down at Bellway.
Investors Chronicle - magazine and web content, December, 2007
Bellway is experiencing a slowdown, but is still well placed for the mid-term Jonas Crosland
UK housebuilder Bellway has revealed that reservations in the first four months of its fiscal year have fallen by seven per cent, reflecting a steady downturn in the housing market. However, the bad news was tempered by the Bank of England's decision to cut interest rates by 25 percentage points to 5.5 per cent, and the shares actually rose 12p to 912p.
Bellway's forward order book slipped from GBP689m this time last year to GBP677m, and comes against a growing backdrop of gloomy news for the housing sector. UK house prices in Novermber fell for the third consecutive month, the worst performance since the mid-1990s, with demand hit by higher credit costs...
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