"While we face some near-term market challenges, we have a high-quality landbank, strong balance sheet and the operational capacity to capitalise on the positive long-term fundamentals of our industry"
- Jason Honeyman - Bellway
For the year ending 31 July 2025, Bellway completed 8,749 homes, up 14.3% compared with the previous year. The average selling price increased to £316,412 from £307,909 in 2024.
Underlying pre-tax profit rose 27.9% to £289.1 million, while underlying operating profit improved 27.5% to £303.5 million. The underlying operating margin came in at 10.9%, which the company described as “in line with expectations” (2024 – 10%). Revenue reached £2,782.8 million, a 16.9% increase on the prior year.
Bellway also announced a £150 million share buyback programme over the next 12 months. The group indicated it plans to continue returning excess capital in future years.
The private reservation rate per outlet per week rose 11.8% to 0.57. Excluding bulk sales, the rate increased 6.1% to 0.52. Bellway said these levels reflected its “robust outlet position,” operating from an average of 246 outlets compared with 245 in 2024. By year-end, the number of outlets stood at 249, slightly down from 250 the previous year.
Private reservations increased in the second half of the financial year to 0.62, up from 0.51 in the first half. However, strong demand in the spring gave way to weaker trading in the final quarter.
The company said weak consumer sentiment has persisted since the start of its new financial year, “carried from late spring.” It highlighted ongoing affordability constraints and uncertainty over potential taxation changes in the upcoming Budget.
In the ten weeks from 1 August to 6 October, the private reservation rate fell to 0.48, compared with 0.49 in the same period last year. Including bulk sales, this held at 0.51, down from 0.60 a year earlier.
Jason Honeyman, Bellway’s CEO, said, “The government needs to demonstrate its commitment to accelerating housebuilding by driving through planning reform and addressing the affordability constraints facing first-time buyers across the country.”
Looking ahead, Bellway expects the FY 2026 average selling price to rise to around £320,000, with the underlying operating margin to remain “similar” to 2025 at approximately 11%.
The group recorded an exceptional item expense of £15.4 million during FY 2025, covering costs related to the Competition and Market Authority’s investigation into suspected anti-competition conduct involving seven housebuilders.
In July, those under investigation, including Bellway, agreed to pay £100 million to affordable housing programmes. The housebuilders stressed they were not admitting any wrongdoing. Bellway’s contribution to this total was £13.5 million.
On the results, Honeyman added, “While we face some near-term market challenges, we have a high-quality landbank, strong balance sheet and the operational capacity to capitalise on the positive long-term fundamentals of our industry.”
