Homes firm building up a major increase in profits
PROFITS have taken a significant leap at a housing developer building a major new estate in Swansea.
Bellway is in the process of developing 105 homes at Llais Tawe in New Cut Road and has already built 35 properties at the site.
The firm made £105.3 million before tax for the year ending July 31, which was 57 per cent up on the year before.
Bellway also saw the average selling price of its homes increased from £175,613 in 2011 to £186,648 this year.
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Denise Swift, sales manager for Bellway Homes' Llais Tawe development, said: "There is currently strong demand from buyers who are looking for new properties or for second homes that they can use for holidays.
"We've also seen increased interest from parents seeking a quality home for children who are studying at the university in Swansea."
First-time buyer Matthew Hone has become one of the first to purchase a home at the development and said: "I rented a flat in London and I didn't think that I was going to be able to buy – but it's definitely worth it.
"My mortgage is half as much as my rent used to be and it's an investment compared to renting where really you're just throwing your money away."
Bellway chief executive John Watson welcomed its latest set of impressive results and said: "We remain optimistic and believe that our business model will make the most of gradually improving market conditions.
"Even though the national output of new homes is reported to be at or near an all time low of approximately 120,000 homes, Bellway has now achieved three consecutive years of increased volume output."
Bellway is also developing a site at Parc Penderri in Penllergaer.