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Bellway has finished the year with completions ahead of expectations but the number was still significantly down on last year.

According to a trading update for the year ended 31 July, the housebuilder completed 7,654 homes in the period, down 30% from 10,945 in 2023 but ahead of the 7,500 guidance it had previously put out.

The firm reported experiencing a similar decline in both its private and social outputs.

鈥淲hile volume output was slightly ahead of previous guidance, the decline compared to the prior year reflected the lower forward order book at 1 August 2023 and the softer trading conditions,鈥� the update said.

Bellway also recorded falls in revenue, from 拢3.4bn to 拢2.4bn, and in its underlying operating margin, from 16% to 10%.

The private reservation rate per outlet per week of 0.51 increased by 10.9% compared to the prior year (0.46).

According to the update, Bellway is 鈥渆ncouraged鈥� by improvements in mortgage affordability, which has led to a reduction in the cancellation rate to a 鈥渘ormalised鈥� level. It also welcomed the new government鈥檚 focus on housebuilding.

Jason Honeyman, group chief executive, said Bellway had delivered a 鈥渞esilient鈥� performance despite challenging conditions.

The group鈥檚 order book at 31 July comprised 5,144 homes, with a value of 拢1.4bn.

Honeyman said the group was in 鈥渁 strong position to return to growth鈥� in 2025.

The update comes after Bellway was given an extension to its deadline to announce a firm intention to takeover Crest Nicholson.

Bellway now has until 20 August to either announce a firm intention to make an offer by then or rule out making an offer, under merger code rules.

At the start of last month, it submitted a revised non-binding all-share offer to Crest Nicholson worth 拢720m, which the housebuilder鈥檚 board said it was 鈥渕inded to recommend鈥�.

Crest Nicholson made a 拢31m pre-tax loss on reduced revenue in the six months to April 2024, compared with a 拢28m profit the previous year.

A merger of Bellway and Crest Nicholson would create a business with a turnover of 拢4.3bn, which would make it the second largest according to 好色先生TV鈥檚 annual Top 50 Housebuilders ranking.