Housebuilder Bellway Calls for ‘Immediate’ Cut to Stamp Duty
Bellway said an immediate cut could support first-time buyers as private reservations eased to 0.55 per outlet per week.
- Housebuilder Bellway called on the Government to cut stamp duty immediately to support the UK property market, with Chief Executive Jason Honeyman urging action to stimulate demand amid affordability challenges.
- The Newcastle-based firm warned that demand is "Uncertain" in the short term, as builders face pressure from elevated Mortgage costs and interest rates held at 3.75%.
- Bellway reported a 10.8% increase in housing completions to 9,695 homes, with adjusted operating profits expected at £320m, up from £303.5m last year, "primarily driven by a strong conversion from our bulk purchase sales pipeline."
- Prime Minister Andy Burnham last month ruled out a major stamp duty overhaul at the Autumn Budget, and the Government does not plan to relaunch the Government-backed Help to Buy scheme.
- Bellway and industry peers will monitor October's Budget for potential housing measures, while analyst Dan Coatsworth warned that recent trading suggests future results may rest on "shakier foundations.
18 Articles
18 Articles
UK's Bellway cautions on annual profit as demand, costs deepen housing slump
British homebuilder Bellway on Tuesday warned that the near-term outlook remains uncertain and guided that annual profit would be at the lower end of its previous forecast, as softer demand and rising costs deepen Britain's housing market slump.
Tax alert: Andy Burnham told to 'ACT NOW' and scrap stamp duty help millions
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 "un…
Evening Standard
Government should cut stamp duty to boost housing market, says Bellway
It came as the FTSE 250 firm warned that demand is ‘uncertain’ in the short term.
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