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Bellway has posted flat results for the six months ended 31 December 2007, despite what it called a 鈥渢ough鈥� market.

Turnover at the UK housebuilder was up slightly from 拢576.5m to 拢581.5m, while pre-tax profit fell by 拢4m to 拢96.9m.

Completions were down by 12 to 3,252 and the average selling price edged up from 拢173,300 to 拢174,800.

Howard Dawe, chairman of Bellway, said: 鈥淭he current housing market can be described as tough. Particularly hard hit are first-time buyers who are having to find larger deposits in order to make their first step onto the housing ladder as a result of changes in loan-to-value criteria announced by lenders.鈥�

The company said reservations between 1 August 2007 and 17 March this year were 9% down on last year and pointed to the Midlands, Yorkshire and the North-west as 鈥渃hallenging鈥�.

It also said it plans to pursue a policy of opportunistic land buying in a 鈥渟oftening鈥� market, given its low gearing.

Banker Citigroup said that Bellway had performed well in a tough market, while Kaupthing said it was one of the better sector stocks to hold given the defensive nature of its product mix, wide geography and hands-on conservative management.