NORTH-East housebuilder Bellway said reservations on its properties had risen 14 per cent on last year's figures.

In an update yesterday the UKs fourth biggest housebuilder, which is expected to increase its number of trading outlets to around 215 in the New Year, added that it expects sale completions to be up by around 5per cent in the six months to January 31.

Visitor levels have held up well despite the ongoing crisis in financial markets and Bellway said the average selling price achieved on reservations between August and the end of November was up by 7per cent, which includes changes in the mix of properties sold.

Shares rose as Bellway offered more good news for investors by announcing a new £150m lending facility with Lloyds Banking Group.