Thursday, December 4, 2008
Interesting how the VI’s all talk of a recovery when the meltdown has just started
Bellway says people visiting show homes has halved
House builder Bellway said the number of people going to see its show homes has fallen 50% but the group is still selling an average of 50-60 houses per week in-line with its target, although more than 50% below last year's levels. The order book at the end of November was £340 million, down from £677 million and the group has secured 75% of its current annual target of orders, of which 86% is either contracted or legally completed. But the group said cancellation rates are soaring and sales incentives are used on virtually every private sale. Other than cash discounts, part exchange has been the most commonly used incentive, it said.
Posted by jack c @ 10:14 AM (498 views)
One thought on “Interesting how the VI’s all talk of a recovery when the meltdown has just started”
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fjcruiser says:
Numis analyst, Chris Millington, is also bullish on the group’s prospects.
‘Bellway is still earning a double digit margin and has a well bought land bank,’ he said, repeating his ‘buy’ stance.
Good news then.hopefully I wont get anymore of that Bellway junkmail I keep getting in the post.