Bellway order book 'down by half'

Residential propertybuilder Bellway has seen its profits fall and its order book concertina by 49 per cent, it has been reported.

The fourth-largest house builder in the UK saw its order book at the end of September fall 49 per cent to £342 million, compared to the £667 million it had secured at the same juncture last year, according to the Press Association.

Bellway announced that its pre-tax profits were also down for the year ended July 31st, with earnings coming in at 165.7 million (2007: £234.8 million).

Commenting on the results, Bellway chairman Howard Dawe said: "In its long experience, the board has never witnessed such a swift change in the housing market as has been seen in the last twelve months."

With the number of new homes to be built next year falling, homeowners that wish to upgrade to a larger property may consider a self build so they can design a property to suit their needs, rather than look for existing properties or wait for one to be built.