Bellway has said it expects build volumes and margins to fall in the year ahead despite a modest recovery in demand for homes since the collapse in the market in the aftermath of last September’s mini-Budget.

The Newcastle-based listed housebuilder, which today reported pre-tax profit down 0.6% for the six months to January 31, repeated earlier forecasts that it now expects to build 11,000 homes for the full financial year to July, down slightly on 2022.