Bellway to construct £1m London homes
Published: 31 March, 2011
NEWCASTLE: Bellway is constructing £1m homes in London as the housebuilder seeks to compensate for the decline in the first-time buyer market.
Belway plans a collection of seven terraced homes in Putney that will be marketed at £1.5m to £1.6m, while in the past six months it has also sold homes for £1m at a scheme in Epping.
The schemes, which are attracting cash-rich and foreign buyers, show the new directions Britain's largest housebuilders are taking as they seek to boost profits in a market where mortgage availability remains severely constrained.
"We are not Berkeley but there is no reason why we can't take one or two of these schemes on board," said John Watson, chief executive.