Housebuilder Bellway (LSE: BWY) is in rude health. Half-year profits were up by 70% on the back of selling 25% more houses at prices that were 13% higher. Government subsidy scheme, Help to Buy, accounted for nearly a third of reservations. Bellway is also helped by having a lot of building plots in the south of England, which accounted for 62% of its sales.
Analysts expect the good times to keep on rolling. As profit margins and return on capital have yet to reach their pre-crisis peaks, you can see why they hold this view.
That said, builders have [...]
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