Total housing completions were 7,654 homes, compared to 10,945 in 2023, at an overall average selling price of £307,909 ( £310,306 in 2023).

Total revenue reduced by 30.1% to £2.38bn (2023 – £3.40bn), which the builder put down to  the lower starting forward order book and challenging trading conditions, particularly in the first half of the financial year.

Despite the lower numbers, Bellway chief executive Jason Honeyman was broadly optimistic of the firm’s prospects going forward. “While a lower order book at the beginning of the financial year drove the reduction in the number of housing completions, customer demand through the second half benefitted from a moderation in mortgage interest rates which has eased affordability pressures and supported an increase in reservations.

He added: “The combination of these improving trading conditions and our strong outlet opening programme has generated a healthy increase in the year end order book.  As a result, we are well-placed to deliver a material increase in volume output in financial year 2025.”

Honeyman also pointed to the new Government’s plans to reform the planning system, which in time is expected to unlock land supply and support an increase in new housing across the country.

The Bellway share price rose in morning trading with some market watchers echoing Honeyman’s optimism.

A J Bell investment director Russ Mould said: “The stars are finally aligning for the housebuilding sector. The new government has pro-housing policies with a promise to relax the planning system which has caused hold-ups and headaches in recent years; interest rates are coming down which makes mortgages more affordable; and property prices are strengthening. It’s no wonder that Bellway is so optimistic despite reporting a drop in profits.”

He added: “Bellway is sitting on a big bank of land, ready to build more houses which should underpin future profits. It is also in a relatively strong financial state with only a small net debt position.”