Total completions (homes)
2025: 8,749 homes
+ 10.8%
Our 2026 Annual Report
Celebrating 80 years of Bellway
In 1946, John T. Bell & Sons Limited was incorporated, laying the foundations for the business that would grow into the Bellway we know today. Our 80th anniversary year has already been one of transformation, with the launch of our refreshed brand and the introduction of our Company values.Bellway has a new brand.
Same name, same high standards, but with a new focus on what customers want. More than ever before, we make buying a home as easy and enjoyable as possible. Homes with character, homes design with passion, homes built with love. Homes sold with love. Homes for life.
A place that feels like home.
Revenue drivers
Average selling price (£)
2025: 316,412
+ 2.5%
Financial Highlights
Revenue (£m)
2025: £2,782,8m
+13.6%
Underlying operating profit 🅡
2025: £303.5m
+5.6%
Underlying operating margin 🅡
2025: 10.9%
-80bps
Profit before taxation
2025: £221.9m
+21.8%
Underlying profit before taxation
2025: £289.1m
+5.7%
Earnings per ordinary share
2025: 132.8p
+25.1%
Underlying pre-tax return on equity (RoE) 🅡
2025: 8.2%
+50bps
Adjusted operating cashflow 🅡
2025: £638.9m
+36.0%
Proposed total dividend per ordinary share
2025: 70.0p
+7.1%
Operational highlights
Owned and controlled
2025: 47,904 plots
-2.6%
Strategic land bank
2025: 47,800 plots
+0.4 %
Total land bank
2025: 95,704 plots
-1.1%
Average trading outlets
2025: 246
-3.3%
Read about our performance measures
View moreThe footnotes below are used throughout this Annual Report
– All figures relating to completions, order book, reservations, cancellations and average selling price exclude the Group’s share of its joint ventures unless otherwise stated.
– Comparatives are for the year ended 31 July 2025 or as at 31 July 2025 (2025), unless otherwise stated.
1 Bellway uses a range of statutory performance measures and alternatives performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures, and a reconciliation to statutory performance measures, are included in note 26 of the Group
Financial Statements.
2 Underlying refers to any statutory performance measure or alternative performance measure before net legacy building safety expense and other exceptional items (note 2 of the Group Financial Statements).
3 Includes the Group’s share of land owned and controlled through joint venture partners comprising 674 plots (2025: 760 plots).
4 As measured by the Home Builders Federation (HBF) using the eight-week NHBC Customer Satisfaction survey.
5 A positive planning status for strategic land is defined as plots being allocated in a local plan, a planning application has been submitted, or both.
Key statements
“Bellway delivered a resilient performance.”
John Tutte, Chair
“The strength and depth of the Group’s land bank support our long-term growth plans”
Jason Honeyman, Chief Executive Officer
“Our focus remains on disciplined capital allocation, strengthening cash generation and driving further improvements in operational and capital efficiency”
Shane Doherty, Chief Financial Officer
“Employee engagement remained strong, with 91% of colleagues stating that they would recommend Bellway as ‘a great place to work’.”
Simon Scougall, Chief Commercial Officer
Business at a glance
The homes we create are built for now, and the future. Whether it is a five-bedroom family home in Northumberland or an apartment in London, we build with the same care and attention.Our brand
With the introduction of our refreshed Bellway brand maintaining Ashberry as a sub-brand will be phased out over the next three to four years. View moreOur principles
Caring, thoughtful in every detail, genuinely warm in every interaction. Uplifting, celebrating moments, brightening every step. Pragmatic, refreshingly honest, beautifully simple. View moreDivisional operations
20 trading divisions covering the main population centres across England, Scotland and Wales.
Why invest in Bellway?
We are well placed to continue our volume growth, drive enhanced capital efficiency and shareholder returns: A well-capitalised balance sheet, a high quality land bank, a new brand proposition, strong leadership and divisional structure and clear strategic priorities.
Read more about our investment proposition
Read moreHow we create long term value
1. Select the right land
We are highly selective in our land investments, concentrating on areas with customer demand. This allows us to maintain a strong land bank and leverage compelling financial returns.
Using long-standing relationships and localised expertise, we can select land that offers favourable opportunities and strategic pipelines for continued growth.
We tightly control the number of large, ong-term sites to avoid having excess capital tied up.
2. Manage the planning process
Divisional and Group planning teams work closely with local authorities and communities to obtain DPP to construct homes that reflect local planning requirements.
We progress a combination of medium-term pipeline sites and land from the strategic land bank through the planning system to ensure a steady supply of sites.
3. Design and construct high-quality homes
By securing high-quality building materials at competitive prices, we can deliver developments on time, and within budget to support margin resilience and enhance customer satisfaction.
We are strengthening partnerships with subcontractors, consultants, suppliers, and manufacturers to build a more sustainable and integrated value chain.
4. Sell homes and deliver excellent customer service
The recent rollout of digital sales offices provides customers with a personalised and streamlined experience, enhanced convenience and engagement. Each division is supported by dedicated customer care teams, supported by the Customer Care Director (Group Office), ensuring consistent service and rapid response.
Commitment to excellence is reflected in achieving the Home Builder’s Federation (HBF) five-star homebuilder status for the tenth consecutive year.
View more about our business model
View moreResponsible business
At Bellway, we build sustainable homes, shaped around you, styled for life.Creating communities
Building sustainable homes
Valuing people
