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Bellway continues to suffer

House builder Bellway is being forced to issue a trading update in three weeks’ time because of the continuing deterioration in the market.

In a brief note, the firm told the London Stock Exchange this week: “Despite issuing an interim management statement on 5 June, Bellway has decided, given the current diffculties in the housing market, to issue a trading update on 14 August.”

Earlier this month the North east-based house builder was forced to mothball a 17-storey apartment block in Cardiff because of a drop-off in sales.

In June’s statement, Bellway, which in 2007 had revenues of £1.4 billion, said the number of homes it would sell by the end of this month would drop by between 10 and 15 per cent.

It said reservations had fallen by 16 per cent and that its order book was increasingly relying on its social housing business.

The firm will unveil its annual results on 14 October.