Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Bellway CEO Urges Immediate Stamp Duty Cut and FTB Deposit Scheme

Bellway CEO Jason Honeyway has called on the government to introduce an immediate reduction in stamp duty and a deposit scheme for first-time buyers. This follows Prime Minister Andy Burnham’s announcement that there will be no stamp duty reform in this year’s Autumn Budget.

In Bellway’s trading update, Honeyway stated that these measures would help ease affordability constraints and stimulate demand in the housing market. He said that an immediate reduction in stamp duty, alongside a government-backed deposit support scheme for first-time buyers, would drive economic growth and accelerate the delivery of new homes across the country.

Despite these calls, Bellway reported a 10.8% year-on-year increase in housing completions, reaching 9,695 homes—above its guidance of 9,300 to 9,500. The average selling price of Bellway’s private completions rose from £316,412 last year to £324,000 this year. Housing revenue increased by 13% to £3.14 billion, with profit expectations of around £320 million, up from £303.5 million the previous year.

Bellway noted an improvement in trading during early spring, but said that rising mortgage rates had moderated demand. The company highlighted ongoing “challenging headwinds” in the industry, including the risk of a prolonged period of softer customer demand and renewed inflationary pressure on build costs.

Honeyway also called on the government to improve access to housing across all tenures, including support for first-time buyers and the delivery of affordable and social housing.

These developments are relevant to UK letting agents and inventory clerks, as changes in stamp duty and first-time buyer support schemes can influence rental demand, property turnover, and the broader housing market.