UK: Bellway margins hit in battle for sales

Housebuilder Bellway today said profit margins were being hit as it slashed property prices by an average £10,000 (€12,542) to help cash-strapped homebuyers.

The group reported a 45% plunge in transaction levels in the six months to July 31 and said efforts to drum up demand were likely to see full-year operating margins drop by up to 3% against last year’s 18.7%.