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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/bellway-expects-20-rise-in-profits.jpg"><img class="alignnone size-full" title="Bellway said it expects a 20% hike in interim profits as buyer confidence returns to the market" src="http://londonglossy.com/wp-content/uploads/2010/12/min-bellway-expects-20-rise-in-profits.jpg" alt="Bellway said it expects a 20% hike in interim profits as buyer confidence returns to the market"/></a></p>
<p>Housebuilder Bellway said it expects a 20% hike in interim profits as buyer confidence returned to the market following the Government spending review.</p>
<p>The Newcastle-based company said home reservations had increased since the announcement, although it confirmed they were still lower than a year ago.</p>
<p>Bellway previously said it had not seen the traditional autumn uplift as buyers delayed purchases until George Osborne announced his cuts on October 20.</p>
<p>But it said the decline in consumer confidence had now levelled out and added it was encouraged by people buying homes at a time that is normally slow for the housing market.</p>
<p>The number of sales secured for this financial year is 4% higher and the company expects the number of properties it sells in the six months to January 31 to be the same as last year.</p>
<p>With first time buyers struggling to get onto the property ladder, the company has moved into selling more expensive homes &#8211; its average sale price has increased 8% to £167,600.</p>
<p>The company said pre-tax profits could lift to £22.8 million in the first half, although it stressed the full-year result depends on the key spring trading period.</p>
<p>Shares in Bellway leapt 7% following the announcement.</p>
<p>The positive news from Bellway comes a week after fellow housebuilder Berkeley Group also posted an 18% rise in half-year pre-tax profits and a 20% surge in sales reservations.</p>
<p>Bellway plans to increase the rate at which it builds new homes and will have 200 sites for sale in the new year, up from 185 currently. The group&#8217;s land buyers bought 1,260 plots in the past four months and are actively looking for more.</p>
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