- Bellway reported that housing completions rose 10.8% to 9,695 homes for the year ending July 31.
- Underlying operating profits are expected to climb to approximately £320 million, up from £303.5 million a year ago.
- Bellway noted an encouraging start to the spring selling season, but buyer interest has cooled since April as mortgage rates ticked higher.
- Bellway has called on the Labour Government to slash stamp duty without delay and bring back Help to Buy.
- A government spokesman stated that there are no plans for the reintroduction of the Help to Buy scheme.
- Bellway described the current demand for new-build homes as weakened in recent months amid higher mortgage rates and economic uncertainties.
- Jason Honeyman, chief executive of Bellway, emphasized the need for demand-side stimulus to boost the housing market, which he described as having paused.
- Bellway is advocating for a state-backed deposit support scheme aimed at first-time buyers to ease affordability constraints.
- Bellway believes restoring the previous stamp duty threshold for first-time buyers would help stimulate the market immediately.
Bellway has called for immediate government action to cut stamp duty and reinstate the Help to Buy scheme, emphasizing the need for demand-side stimulus as the housing market has "paused" amid rising mortgage rates and economic uncertainty.13456789
Chief Executive Jason Honeyman stated, "With the near-term outlook remaining uncertain, we call on the Government to act now to improve access to housing across all tenures." He highlighted that demand for new-build homes has weakened, with the company's order book down by a fifth compared to last year at £1.2 billion.
Despite a 10.8% increase in housing completions to 9,695 homes for the year ending July 31, Bellway noted a cooling buyer interest since April, attributed to higher mortgage rates and broader economic challenges.
Honeyman argued that cutting stamp duty and introducing a state-backed deposit support scheme would "drive economic growth and accelerate the delivery of much-needed new homes across the country". He emphasized the urgency of these measures, stating, "We need a stamp duty cut [for first-time buyers] to reverse the extra taxes put on by this government in April 2025."
However, a government spokesman indicated that there are currently "no plans" to reintroduce the Help to Buy scheme, leaving Bellway's future prospects uncertain as it navigates a challenging market landscape.
“Bellway's order book is a fifth smaller at £1.2 billion, and completions rose 10.8% to 9,695 homes, but profit margin fell to 10% due to bulk sales. CEO Jason Honeyman says the government can't control mortgage rates but can help young people with deposit support.”
GB News
The Times
