<p>Bellway has delivered a “record” number of housing completions during its financial year, but with margins set to be lower.</p> <p>Ahead of its full year results due to be announced on October 15, the housebuilder said that during the year to July 31 2019, its housing completions rose 5.7% to 10,892 against the equivalent period in 2018.</p> <p>The housebuilder saw “substantial growth” in housing revenue, increasing by more than 8% to almost £3.2 billion, mainly driven by volume growth and also by a 2.5% rise in its average selling price to £292,000, due to "further changes in product and geographical mix”. </p> <p>Bellway said it expected pre-tax profit to be in line with current market estimates. But its operating margin would see “further moderation” from the 21.5% reported at its half year. This is against the 22.1% reported for FY 2018.</p> <p>“As previously reported, whilst the pricing environment remained firm, the margin enhancing benefit of house price inflation continues to diminish,” the firm explained.</p> <p>During its full year, Bellway opened an additional 110 new sales outlets, trading from an average of 268 active sites against 2018’s 247. Accordingly, its average weekly reservation rate lifted 5% to 210 per week (2018 …