AUS
NZ
UK
CA
USA
IND
Highlights
- Housing completions up 11.9% to 4,577 homes, with an average selling price of £310,600.
- Forward order book grows to 4,726 homes, valued at £1.31 billion, a 29.5% increase from the prior year.
- Full-year target of at least 8,500 homes on track, with first-half output driving overall growth.
Bellway p.l.c. 9LSE:BWY) has reported positive results in the first half for the six months ending 31 January 2025, driven by increased housing completions and a solid forward order book. The Group completed 4,577 homes, marking an 11.9% rise compared to 4,092 homes in H1 2024. The average selling price edged up slightly to £310,600 from £309,278 in the previous year.
Sales Momentum
The private reservation rate per outlet per week increased 18.6% to 0.51 (H1 2024: 0.43), reflecting improved market demand. Bulk sales also contributed to this growth, increasing from 0.03 to 0.06 per outlet per week. Bellway maintained a high-quality land bank, operating from an average of 248 outlets, slightly above last year’s 243 outlets.
The forward order book as of 31 January 2025 included 4,726 homes, a significant increase from 3,970 homes a year earlier. The total value of orders surged to £1.31 billion, up from £1.01 billion in 2024.
Financial Position and Full-Year Outlook
Bellway continues to maintain a well-capitalized balance sheet, with modest net debt of £8.0 million, compared to a net cash position of £76.6 million in 2024. The company reaffirmed its full-year target of at least 8,500 home completions, up from 7,654 homes in FY2024, with output weighted towards the first half of the year.
The Group expects the average selling price to remain around £310,000, with an underlying operating margin approaching 11.0%, up from 10.0% in FY2024.
Cautious Optimism Amid Market Sensitivities
Bellway noted an encouraging seasonal uplift in customer enquiries and reservation rates at the start of the spring selling season. However, the company remains mindful of mortgage affordability challenges and economic uncertainties, which could impact future demand.
