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Bellway: Help to Buy creates strongest market since crash

Housebuilder Bellway’s pre tax profits rose by more than a third to £140.9m buoyed by Help to Buy

According to the AJ’s sister title Construction News, the company said the government scheme had helped create the strongest housing market conditions since the property crash in 2008.

Help to Buy was used in 29 per cent of sales between its launch in April and the firm’s year end on 31 July, the company said.

The group said it sold 5,652 homes in 2013, an 8.2 per cent increase on 2012, according to its results for the year to 31 July published today.

Bellway set up two new divisions in Manchester and the Thames Valley on 1 August 2013.

The average selling price of the homes rose 3.4 per cent to £193,025, its results for the year to 31 July 2013. Price rises were especially strong in the north where they went up 8 per cent.

The group added 7,007 plots with detailed planning permission to its land bank during the year and agreed terms to acquire 4,100 strategic plots by the end of the year.

The board said it would increase the dividend to shareholders by 50 per cent to 21p per ordinary share to produce a 50 per cent rise in the total dividend for the year to 30p.

Bellway’s chairman, John Watson, said: ‘More favourable mortgage conditions, 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.’

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