Bellway has urged the British government to reduce stamp duty immediately, arguing the move is essential to supporting a recovery in the UK property market.
The FTSE 250 housebuilder warned that near-term demand remains “uncertain” amid rising building costs and persistent caution among consumers weighing major purchasing decisions.
The Newcastle-based company has been among several housing firms to feel the pressure of elevated mortgage costs and strained consumer finances dampening appetite for new homes.
Prime Minister Andy Burnham last month ruled out a major overhaul of stamp duty at the Autumn Budget, a decision that drew criticism from across the housing industry.
Despite that ruling, Bellway chief executive Jason Honeyman has maintained that decisive government action is necessary to reinvigorate activity across the property market.
“With the near-term outlook remaining uncertain, we call on the Government to act now to improve access to housing across all tenures, both by helping first-time buyers onto the property ladder and supporting the delivery of affordable and social housing for those who need it most,” Honeyman said.
“In order to ease affordability constraints and stimulate demand, an immediate reduction in stamp duty alongside a Government-backed deposit support scheme for first-time buyers would both drive economic growth and accelerate the delivery of much-needed new homes across the country,” he added.
Bellway reported that housing completions grew by 10.8% to 9,695 homes over the year to July 31, compared with the same period a year earlier.
The company also revealed that underlying operating profits are expected to rise to approximately £320 million, up from £303.5 million recorded in the previous year.
Bellway noted positive trading momentum in the early part of the spring selling season, but said it experienced a “moderation” in customer demand from April onward as mortgage rates ticked higher.
Honeyman acknowledged the difficult trading environment while pointing to internal improvements that helped the business maintain resilience throughout the challenging period.
“Bellway has delivered a robust performance and growth in volume output, despite ongoing headwinds for our industry,” he said.
“Our sharp focus on operational improvement and drive for capital efficiency has provided resilience and supported a strong increase in cash generation and shareholder returns,” Honeyman continued.
The results highlight the delicate balancing act facing housebuilders in 2026 as they navigate affordability pressures, elevated construction costs, and a cautious buying public waiting for clearer signals on interest rates and government policy.
