Housebuilder strikes β€œcautious” note despite some encouraging signs following the Brexit vote

Housebuilder Bellway has said it is waiting on the outcome of the autumn selling season before completing new site acquisitions.

In a trading update, the firm struck a β€œcautious” note following the Brexit vote, despite some encouraging signs.

The firm said reservations since the EU referendum actually increased 10% on last year to 169 per week, adding: β€œThere has been some modest caution from a small number of visitors to our developments at the higher value end of the London market, where Bellway has only limited exposure. 

β€œOverall, visitor numbers are still strong and the cancellation rate remains at a historic low.”

Bellway said its full-year results to July this year are expected to show a 27% increase in revenue to Β£2.2bn and a record underlying profit margin of 22%.

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