<p>Bellway has seen “record” volumes in its first half, completing <span>5,656 new homes, an increase of 6.3% against HY 2020.</span></p> <p><span>Issuing a trading update for the six months to January 31 2021 ahead of its interim results announcement on March 24, the housebuilder said it had achieved an “excellent” first half, with housing revenue rising by more than 12% to around £1,715 million, partly driven by volume growth.</span></p><p></p> <p><span>Bellway now expects completions for its full year to rise to around 9,800 homes against 2020’s 7,522. It also anticipates its underlying operating margin to improve by “at least” 200 basis points (July 31 2020: 14.5%).</span></p><p></p> <p><span>During the half year, the firm’s private reservation rate rose 3.3% to 156 per week against HY 2020’s 151. The overall reservation rate dipped slightly to 191 per week compared to last year’s 194.</span></p><p></p> <p><span>Bellway said its sales rate was “more pronounced” at the start of its financial year, with the first national lockdown generating pent-up demand. </span></p> <p><span>The November lockdown and transition to the new Help to Buy caused reservation rates to slow. But Bellway said that despite the third lockdown sales had since recovered to a “more normalised level” with the Help to Buy …