Overview
- Bellway publicly called on the government on Tuesday to cut stamp duty straight away and to introduce a state-backed deposit support scheme aimed at first-time buyers to revive sluggish sales.
- The Newcastle-based builder reported a 10.8% rise in annual completions to 9,695 homes and said underlying operating profit is expected to be about £320 million while stressing it is exercising tight financial control.
- The company said customer demand has moderated since April because higher mortgage rates and persistent construction cost inflation have made new homes less affordable.
- Prime Minister Andy Burnham has already ruled out a major stamp-duty overhaul ahead of the Autumn Budget, and Bellway’s call joins similar appeals from other large housebuilders pressing ministers for short-term demand support.
- If ministers do not act, buyers could keep facing high upfront costs and builders may offer deeper discounts on new homes; investors are watching policy signals closely as Bellway’s shares remain about 22–23% lower year-to-date.