Bellway posts 'robust' H1 as completions rise despite subdued autumn trading

(Sharecast News) - Housebuilder Bellway said on Tuesday that despite "subdued trading" through autumn, it had delivered a "robust" first half performance, with total housing completions growing 2.7% to 4,702. Bellway said average selling prices were roughly £322,000, up from £310,581 in the prior year, with the increase driven by "geographic and mix changes", while incentive levels remained broadly stable at between 4-5%. Housing revenue increased by over 6% to £1.51bn.

The FTSE 250-listed firm noted that, ximilar to the previous financial year, customer demand throughout the autumn was impacted by uncertainty ahead of the Government's Budget, with the H1 private reservation rate 10.2% lower at an average of 114 per week.

Looking ahead, Bellway said it has "a good pipeline of bulk sale opportunities", and noted that expects to see "a higher level of conversion" in H2. Bellway said its forward order book at 31 January comprised 4,442 homes, with a value of £1,241.6m, down from 4,726 homes, with a value of £1,311.5m in 2025.

Bellway also highlighted that it was on track to achieve its full-year volume target of around 9,200 homes as it pointed to "clear signs of improving customer demand" in the early weeks of the spring selling season.

Chief executive Jason Honeyman said: "Bellway has delivered a robust first half performance in a challenging market. Notwithstanding the current industry headwinds, our forward order book and strong outlet opening programme leave us well-placed to meet our targeted growth in volume output for the full year, and I remain confident that we can drive increased cash generation and shareholder returns in FY26 and beyond."

Reporting by Iain Gilbert at Sharecast.com