Listed housebuilder Bellway has become the latest builder to forecast a significant drop in output, saying it expects completions in the year ahead to “decrease materially” in the light of the weakening housing market.

In an end of year trading update Bellway, which yesterday admitted it had launched a major restructuring programme which will see the closure of two divisions, said the recent mortgage interest rate rises in June and July had “resulted in a weaker trading environment”, and it now expected a material reduction in completions for the coming financial year.

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