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Bellway PLC on Tuesday said it is on track to meet its target for increased completions in the financial year as it reported growth in the first half. The Newcastle upon Tyne-based housebuilder completed 4,702 homes in the six months to the end of January, up 2.7% from 4,577 a year earlier. It said it is on track to deliver full-year volume output of around 9,200 homes, which would be 5.2% higher than 8,749 in the 12 months to the end of July 2025. First-half completions were at an average selling price of around £322,000, up by 3.7% from £310,581 in financial 2025. Bellway expects the full-year average selling price to be around £320,000, compared to £316,412 in financial 2025. Housing revenue for the period increased 6.2% to £1.51 billion from £1.42 billion. The private reservation rate per outlet per week, including bulk sales, was 0.47, compared to 0.51 a year prior. Excluding bulk sales, the rate was higher at 0.46 from 0.45. The forward order book comprised of 4,442 homes at the end of January, down from 4,726 a year ago, with a value of £1.24 billion, compared to £1.31 billion. Bellway said it has continued with a ‘disciplined approach to land acquisition’ and has contracted to buy 4,721 owned and controlled plots during the period, down from 5,246 a year ago. It said the £150 million share buyback programme launched in October is ‘progressing well’, with 1.8 million shares purchased at a cost of around £48 million during the period. It ended the period with net debt of £72 million, compared to £8.0 million a year ago. Bellway said there were ‘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. ‘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 [financial 2026] and beyond,’ said Chief Executive Jason Honeyman. ‘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.’ Shares in Bellway were up 3.3% at 2,628.00 pence on Tuesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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