Bellway is calling on ministers to improve access to housing across all tenures, from support for first-time buyers to increased delivery of affordable and social housing. The appeal came alongside a trading update covering the year to July 31, in which the company reported completions rose 10.8% to 9,695 homes - slightly ahead of forecasts, largely thanks to strong performance in its bulk purchase sales pipeline.

According to the update, trading picked up early in the spring selling season after a period of pre-Budget uncertainty last year, but has since cooled from April onward as mortgage rates climbed. The weekly reservation rate for private homes per outlet, including bulk sales, slipped to 0.55 from 0.57.

Bellway chief executive Jason Honeyman described the results as a robust performance despite sector-wide headwinds, crediting operational efficiency for stronger cash generation and shareholder returns.

He said the company remains well placed for future growth if market conditions improve, but pressed the government to act, specifically pointing to a possible cut in stamp duty in England alongside a state-backed deposit scheme for first-time buyers as ways to stimulate demand and speed up new home delivery.

AJ Bell’s head of markets, Dan Coatsworth, struck a more cautious note, suggesting the strong full-year figures were overshadowed by weaker recent trading that points to a less stable outlook ahead.

He noted Bellway has leaned on lower-margin bulk sales to hit its volume targets, and flagged a notably smaller forward order book as a sign of softening demand. Coatsworth added that a drop in mortgage rates or easing build costs would help, but called this unlikely in the near term. He suggested management may be hoping for government intervention, potentially including a revived Help to Buy scheme, with all eyes on October’s Budget.

Elsewhere in the update, Bellway said its average selling price rose to around £324,000 from £316,412 the previous year, attributing the increase to changes in geographic mix rather than underlying price inflation. With full results due October 13, the company expects adjusted operating profit of £320 million for the year, at the bottom end of its £320m–£330m guidance range, but up from £303.5m in 2025.

Bellway also confirmed plans for a further £50m share buyback, the first tranche of its 2027 shareholder returns programme, following completion of the £150m buyback announced last October.