Housebuilder Bellway said it has delivered a “robust” performance over the last six months, as completions are set to rise 5% year on year, despite a slight dip in its sales rate.
In a trading update for the six months to 31 January 2026, Bellway reported total housing completions of 4,702, up from 4,577 completions during the same period a year before. The group said it was also on track to hit full-year volumes of around 9,200, which is 5% up on the previous year’s 8,749 completions.
Private reservation rate per outlet per week, including bulk sales, stood at 0.47, down from 0.51 the year before. The private reservation rate excluding bulk sales stood at 0.46, up from 0.45. The overall reservation rate, including social homes, was 7.5% lower at 148 per week (2025: 160).
Bellway’s forward order book at 31 January 2026 comprised 4,442 homes, valued at £1.24bn, down from 4,726 homes (£1.31bn) as at 31 January 2025.
The update said demand in autumn was heavily impacted by market uncertainty ahead of the November Budget. However, the group added that there are “clear signs of improving customer demand in the early weeks of the current spring selling season compared to the subdued trading environment through the autumn”.
“Our strategic land team submitted planning applications for 29 sites comprising around 3,900 plots,” the update read. “We are expecting to submit a further 30 sites for planning, comprising around 6,500 plots, from the strategic land bank by the end of July 2026.”
Bellway has reported a period-end net debt of £72m, up from £8m the year before, in-line with board expectations.
Chief executive Jason Honeyman said the group 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,” he added.
“We welcome the government’s reforms to the planning system. However, to make meaningful headway against its ambitious housing targets, the government must also make an early commitment to ease demand-side pressures by introducing essential financial support for first-time buyers.”
Oli Creasey, head of property research at Quilter Cheviot, said: “Bellway released its half-year trading statement this morning for the period up to the end of January, providing few surprises. Volumes have increased 3% year on year, although the company’s sales rate (sales per outlet per week) is flat/declining compared to 2025.
“The other area of slight concern is the increased net debt to £72m. Housebuilders generally operate on a net cash basis, and Bellway’s increased debt position does go against the grain. The position is small compared to the size of the company – less than 0.5x expected earnings – but with licence for another £100m of share buybacks still to come, we might expect to see this figure increase further at the full-year results.”
The update revealed that since the launch of Bellway’s £150m share buyback programme in October, 1.76 million shares have been purchased at a cost of around £48m.
The developer will publish its interim results on 26 March.
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