NEWCASTLE housebuilder Bellway has rejected reports that the property market is slowing down.
The company is on track to smash its annual targets amid growing demand for its products.
It has already completed or reserved 80 per cent of its estimated output for the year to July 31.
The firm's update to the City comes four months after Bellway unveiled record annual results.
A company spokesman said: "Despite media speculation regarding the housing market, conditions continue to be encouraging throughout our areas of operation."
Half-year results due to be issued on April 10 are also likely to be ahead of expectations.
Bellway, which concentrates on mid-priced family homes, reported annual pre-tax profits for the year to July 31 of £125.3m, up 24 per cent.
Prior to the announcement, analysts had forecast a figure in the region of £137m for this financial year.
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