Housebuilder says UK consumer confidence has returned amid cheaper mortgage rates

Bellway also cites easing of inflation as factor in company exceeding construction target for past year

The housebuilder Bellway said consumer confidence in the UK had returned, with cheaper mortgage rates fuelling demand from buyers, as it exceeded its housebuilding targets for the past year.

The company completed 7,654 homes in the year to 31 July, down from 10,945 in 2023, but above its target of 7,500. The average selling price was 308,000, below last year's 310,306 but also higher than expected. Revenue fell to 2.4bn from 3.4bn last year.