The new Prime Minister is being asked to reconsider stamp duty amid Britain's ongoing property crisis
Prime Minister Andy Burnham is being called to "act now" and scrap a controversial property tax ahead of this year's Budget from Chancellor John Healey.
Bellway has called on the Labour Government to slash stamp duty without delay, arguing the move is essential to kickstart a recovery in the UK housing market.
The Newcastle-headquartered housebuilder, which sits on the FTSE 250, issued the plea alongside a warning that near-term demand remains "uncertain" as escalating construction costs and stretched consumer finances continue to weigh on the sector.
Elevated mortgage rates have dampened appetite for new-build homes across the industry, with Bellway among those feeling the impact.
The builder's call comes despite delivering improved annual results, with completions and profits both rising over the past year.
Chief executive Jason Honeyman made clear that Government intervention is needed to revitalise the market and open doors for aspiring homeowners.
He said: "With the near-term outlook remaining uncertain, we call on the Government to act now to improve access to housing across all tenures, both by helping first-time buyers onto the property ladder and supporting the delivery of affordable and social housing for those who need it most."
Beyond stamp duty relief, Bellway is pushing for a state-backed deposit support scheme aimed at first-time buyers.
Mr Honeyman argued that such measures would "drive economic growth and accelerate the delivery of much-needed new homes across the country" while easing the affordability squeeze currently holding back purchasers.
The company reported that housing completions rose 10.8 per cent to 9,695 homes for the year ending July 31, compared with the prior twelve months.
Underlying operating profits are expected to have climbed to approximately £320million, up from £303.5million a year ago.
Bellway noted an encouraging start to the spring selling season, but acknowledged that buyer interest had cooled since April as mortgage rates ticked higher.
The firm described this shift as a "moderation" in customer demand, reflecting broader caution among prospective purchasers navigating tighter borrowing conditions.
Mr Honeyman struck an upbeat tone on the firm's internal progress, saying: "Bellway has delivered a robust performance and growth in volume output, despite ongoing headwinds for our industry."
He pointed to a disciplined approach to operations and capital allocation as key factors underpinning stronger cash generation and improved returns for shareholders.
