Bellway has recorded what it described as a "good performance" in the 2025 financial year, as its revenue increased by 16.9% to £2.78bn in the year to 31 July.

The housebuilder’s housing completions jumped by 14.3% to 8,749 in this period, while its underlying profit before tax increased by 27.9% to £289.1m.

Bellway’s operating profit reached £303.5m, which is a 27.5% year-on-year increase, and its underlying earnings per share rose by 30.7% to 176.7 pence.

Across this period, the firm’s average house selling price totalled £316,412.

Chief executive at Bellway, Jason Honeyman, said: "While we face some near-term market challenges, we have a high-quality land bank, strong balance sheet and the operational capacity to capitalise on the positive long-term fundamentals of our industry. Combined with our refreshed and disciplined approach to capital allocation, I am confident that we can drive increased volume output, cash generation and shareholder returns in FY26 and beyond."

As part of its full-year results, Bellway has launched a new £150m share buyback scheme for the next 12 months, which it said reflects in "sharper focus on balance sheet efficiency".

In its outlook, the housebuilder said that weak consumer sentiment hadcontinued since the start of the new financial year, and customer demand has been affected due to affordability constraints and uncertainties around potential tax changes in the upcoming Autumn Budget.

However, its order book for the 2026 financial year has increased by 2.3% to 5,285 homes, with a value of £1.52bn.

Bellway added that notwithstanding near-term market challenges, it has a strong land bank and expects its average selling price to reach around £320,000.

Following the update, shares in Bellway increased by over 5%.

Honeyman added: "Bellway remains very well-positioned to continue delivering much needed high-quality new homes in the years ahead. However, supportive Government policy is essential for the industry to drive a meaningful and sustained increase in housing output. The Government must demonstrate its commitment to accelerating housebuilding by driving through planning reform and addressing the affordability constraints facing first-time buyers across the country."

Investment director at AJ Bell, Russ Mould, said that investors are "warming" to Bellway’s new capital allocation policy.

He concluded: "This is all a long way from the dividend cut of two years ago and suggests that Honeyman and the team are looking forward with at least some degree of optimism, even if the new financial year is showing a broadly flat net private reservation rate per sales outlet compared to the July-to-October period of 2024.

"The share price still seems sceptical as to the pace and extent of any upturn, in some ways understandably given how the boom times of the late 2010s, fuelled by the Help to Buy scheme and near-zero interest rates, seem unlikely to return any time soon.

"Nevertheless, Bellway’s shares do trade below one times historic tangible net asset, or book, value per share. In this respect, investors can argue they are currently buying £1 of the company’s assets for 88p a share, providing they are confident in the underlying value of those assets."

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