"We have entered the new financial year with a healthy forward order book and outlet opening programme and, if market conditions remain stable, we are well-positioned to deliver further growth in FY26"
- Jason Honeyman - Bellway
Bellway has reported housing completions and average selling prices for the year ending 31 July 2025 that were slightly ahead of its earlier guidance, although it noted softer trading in its final quarter.
In a trading update ahead of full-year results due on 14 October, the housebuilder said total completions rose 14.3% to 8,749 homes, compared with 2024. The average selling price increased from £307,909 last year to £316,000. In June, the company had forecast between 8,600 and 8,700 completions, with an average price of around £315,000.
Housing revenue for the year rose 17% to over £2.76 billion, while the underlying operating margin is expected to approach 11%, up from 10% in 2024.
The private reservation rate per outlet per week, including bulk sales, was 0.57 – 11.8% higher than last year. Excluding bulk sales, the rate increased 6.1% to 0.52.
Stronger private reservations helped lift the forward order book to 5,307 homes, compared with 5,144 last year, with a value of £1.52 billion, up from £1.41 billion in 2024.
While the second half of the year saw an improvement in the private reservation rate to 0.62 from 0.51 in the first half, Bellway reported reduced demand in the last quarter following a strong spring period.
The business operated from an average of 246 outlets during the year, in line with 245 in 2024. It expects to maintain around 245 outlets in FY 2026. The company aims to increase completions to about 9,200 homes next year, assuming the private reservation rate remains at 0.57 per site per week.
Bellway urged the government to introduce demand-side measures to assist first-time buyers and welcomed the potential long-term benefits of planning reforms. However, it highlighted ongoing delays in planning decisions as local authorities work to adopt new local plans and the updated National Planning Policy Framework.
"Bellway has delivered a solid performance despite ongoing headwinds for our industry," said Jason Honeyman, group CEO at Bellway. "There was good growth in volume output and an improvement in underlying margin, which are set to drive a strong increase in profits for FY25. We have entered the new financial year with a healthy forward order book and outlet opening programme and, if market conditions remain stable, we are well-positioned to deliver further growth in FY26."
"We have a high-quality land bank and the operational capacity across the group to support our plans to deliver long-term volume growth. During the year, we have made excellent progress with refreshing our approach to capital efficiency across all our divisions, and I remain confident that we can drive increased cash generation and shareholder returns in the years ahead."
