Housebuilder Bellway has said it is expecting to cut build volume by a third and see a near halving of profit in its current financial year, given weak demand for new homes prompted by high interest rates.

The listed builder, reporting results for the full year to July, said it expected completions to drop to around 7,500 in the current year, from 10,945 in the year just gone, and for its profit margin to drop by at least six percentage points.

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