In a trading update for the February to May period, Bellway revealed customer demand had moderated due to rising mortgage rates.

Upward pressure on building material costs has also brought a headwind to the housebuilder.

Despite this, Bellway has reiterated its guidance for completing 9,300 to 9,500 homes for the year and generating an underlying operating profit of up to £330m.

Bellway’s forward order book comprised 5,345 homes on 29th May 2026 with a value of £1,570m, down from 5,579 homes and £1,650m on 1st June 2025.

The group has a balance sheet with net debt of £236m on 29th May 2026, up from £73m the year before.

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Given the profile of completions and associated cash generation through the remainder of 2026, Bellway expects to end the current financial year maintaining a low level of adjusted gearing in the range of 5-10%.

As of 31st July 2025, this was 8.3%.

“The outlook beyond the current financial year remains uncertain, reflecting ongoing geopolitical tensions in the Middle East and a less predictable domestic political environment,” said Jason Honeyman, CEO at Bellway.

“Against this backdrop our clear focus on self-help and drive for capital efficiency provides resilience while supporting our strategy to increase cash generation and shareholder returns.”