Housebuilder Bellway has urged the government to implement an immediate cut to stamp duty and introduce a first-time buyer scheme. The FTSE 250 firm stated on Tuesday that these measures are needed to revive Britain's housing industry.
According to Bellway, housing demand has been affected by pre-Budget speculation last year and recent rising mortgage rates. Jason Honeyman, the group's chief executive, called on the government to stimulate demand by cutting taxes and improving access to housing.
Prime Minister Andy Burnham previously denied speculation about axing stamp duty, stating last month that such a move "won't be happening." However, Bellway joins other housebuilders, including Barratt Redrow, in advocating for government intervention to boost housing demand.
Bellway reported that its total housing completions for the 12 months to the end of July are expected to increase by 10.8% to 9,695 homes, up from 8,749 in 2025. Underlying operating profit is anticipated to be around £320m, an increase from £303.5m.