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Bellway Homes has reported that its forward sales grew by almost one-quarter in the six months to the end of January, set against the same period 12 months ago.

In a trading update it said the value of its order book was 拢975m against 拢783m for the earlier period, while its completions were up 15.7% at 3,754.

Bellway said growth in the volume of work in the north of the country was 鈥減articularly strong鈥�, and that while the London market remained strong, price growth had moderated.

It said the rate of private reservations had slowed compared with the first half of the previous financial year because of an initial surge in activity following the introduction of the government鈥檚 Help to Buy loan guarantee scheme.

Chief executive Ted Ayres said Bellway鈥檚 housing revenue had risen by approximately 19% to more than 拢820m and that its operating margin for the first half of the year was expected to approach 20%, compared with 15.6% for the same period 12 months earlier.

鈥淭he group鈥檚 strategy of delivering volume growth, with a strong focus on return on capital employed, has resulted in a further significant rise in profitability,鈥� he said.

鈥淲ith advanced plans to open a sixteenth division in the second half of the financial year, Bellway is well positioned to deliver further earnings growth.鈥�

Ayers did not specify which area the division would cover.

Bellway鈥檚 interim results are due on March 25.