British Homebuilder Reports First Half Loss

London, England, March 31, 2009--British homebuilder Bellway PLC on Tuesday reported a first-half loss of $50 million as the company marked down the value of its inventory of land and houses to reflect a depressed market.

For the six months ending March 31, Bellway's net loss compared to a profit of $97 million a year earlier.

Revenue fell 45 percent to $457 million.

Sales were down 14 percent in the southern part of the country and fell 59 percent in the north, Bellway said. Cancellations were running at historically high levels, around 26 percent, the company said.

"Virtually every private reservation since last summer has been achieved using a variety of incentives, notably part exchange and Bellway's own shared equity scheme," said H.C. Dawe, the company chairman.

"A combination of low levels of mortgage lending, high deposit requirements and the caution adopted by most valuers on behalf of lenders has not helped consumer confidence."