Bellway PLC told investors it remains on track to deliver around 9,200 completions in FY26 after first-half output edged higher, even as private demand stayed muted through the autumn and the forward order book fell year on year.
The housebuilder completed 4,702 homes in the six months to 31 January 2026, up 2.7% on the prior year, with an average selling price of around £322,000. Housing revenue climbed to roughly £1.51bn, while incentive levels were described as broadly stable at 4–5%.
Reservations softened mainly due to fewer bulk sales, with private reservations averaging 114 per week versus 127 a year earlier. The forward order book stood at 4,442 homes worth £1.24bn at 31 January, down from £1.31bn, but chief executive Jason Honeyman said Bellway had delivered “a robust first half performance in a challenging market”.
Bellway ended the period with net debt of £72m and said its £150m share buyback is progressing after spending about £48m to repurchase 1.76m shares.
The group also pointed to “clear signs” of improving demand early in the spring selling season and reiterated expectations for FY26 average selling price of around £320,000 and an underlying operating margin of about 11.0%.