Bellway has announced that it has “contracted or agreed terms” to the acquisition of land “where there is the potential to develop in excess of 3,370 homes.”

Announcing Bellway’s preliminary results for the year ending 31 July 2009, chairman Howard Dawe also said that the group had reduced its debt over the time period from £217.7 million last year to £36.8 million.

But the housebuilder's turnover for the period fell from from £1,149.5m in 2008 to £683.8 million this year.

Bellway completed 4,380 homes, a drop of 33% from last year’s 6,556.