Bellway PLC

BWY: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bellway Earnings: Lower Mortgage Rates Drive Improving Reservation Rates

Joachim Kotze

Mar 25, 2025

Bellway’s first-half fiscal 2025 results and outlook echoed the positive developments shared by Persimmon on March 11. Bellway remains on track to deliver 8,500 completions at an average selling price of around GBP 310,000 with adjusted operating margins near 11% for fiscal 2025. Encouragingly, Bellway reported a further improvement in the recent sales activity with the homebuilder’s weekly private reservation rate rising 13.3% to 0.76 for the seven weeks since Feb. 1, compared with the previous corresponding period. We make no changes to our fiscal 2025 estimates and maintain our GBX 3,850 fair value estimate.

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Bellway PLC

Bellway Earnings: Lower Mortgage Rates Drive Improving Reservation Rates

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