Bellway has stated it is "too early" to assess the impact of the EU referendum after revealing its housing revenue is expected to increase to £2.2 billion this year.

In its trading update for the year ending on 31 July 2016, the company said housing completions rose 12.5% to 8,721 this year compared to 7,742 in 2015.

In addition, Bellway reported a "strong" balance sheet with net cash of £26 million, while the average selling price of its homes rose 13% to £252,700.

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Ted Ayres, Chief Executive, said: "The Group has delivered an outstanding trading performance, achieving new records for Bellway in respect of both volume and operating margin. We have invested in high quality land and have maintained a significant forward order book, thereby ensuring that the Group is well placed to continue its sizeable contribution to meeting the UK's requirement for new homes in the year ahead.

"It is still too early to assess the effect of the EU referendum result, however

trading in recent weeks has been encouraging and Bellway, with its strong

balance sheet and robust land bank, can be flexible and respond

opportunistically to any changes in market conditions."

(LM/CD)