Bellway Delivers Solid First Half as Build Volumes Increase and Financial Position Remains Resilient

Bellway p.l.c. (LSE:BWY) reported a steady first-half performance for the period ended 31 January 2026, with housing completions rising 2.7% to 4,702 homes. Average selling prices increased to around £322,000, pushing housing revenue to more than £1.5bn. While demand was softer during the autumn and the forward order book by value was marginally lower, private reservation rates excluding bulk sales improved, and the group continues to plan new outlet openings while keeping sales incentives broadly unchanged.

Land investment remained disciplined, with 4,721 plots secured during the period and further progress made in expanding the strategic land bank. This included the acquisition of a significant site in Dunfermline to support longer-term growth in Scotland. Bellway’s balance sheet strength was maintained, with modest net debt and low adjusted gearing, enabling the company to uphold its dividend policy and continue its £150m share buyback programme. Management also pointed to early indications of improved spring trading and reiterated calls for increased government support for first-time buyers to help address national housing supply objectives.

The outlook is supported by solid underlying financial performance and constructive commentary from management, highlighting disciplined capital allocation and operational resilience. However, share price technicals indicate some near-term downside momentum, while valuation metrics suggest limited upside. The group’s ability to manage cash generation and navigate a slower sales environment will remain key factors in sustaining performance.

More about Bellway p.l.c.

Bellway p.l.c. is a UK residential housebuilder focused on the development of private and affordable homes across a number of regional operating divisions. The company operates a broad network of sales outlets supported by a substantial and well-diversified land bank, with a strategic emphasis on mid-priced housing. Bellway maintains a capital-efficient balance sheet aimed at delivering sustainable growth and long-term shareholder returns.