Bellway yesterday said homebuyer demand has started to improve after seeing reservations plunge by nearly 50 per cent due to soaring mortgage rates. The housebuilder group, whose headquarters are in Newcastle, reported underlying pre-tax profits falling 4.6 per cent to £312.1m for the six months to 31 January. It delivered record revenues, up 1.6 per cent at £1.8bn, but saw its private homes reservations rate tumble by 43.8 per cent to 91 a week over the first half in the aftermath of last autumn's mini budget market turmoil, as well as the end of the Help to Buy scheme. Bellway said it was seeing signs of a recovery in demand helped by a seasonal uplift in the property market

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