Bellway issued a trading update for the six months ended Jan. 31, 2026. Headline completions, average selling price, and order book were in line with estimates. The drop in bulk sales was expected due to budget uncertainty. No changes made to forecasts, maintaining GBX 2,800 fair value estimate.

Management optimistic about improving customer demand in current spring selling season. Peer group saw a lift in morning trade. Bulk sales drop not concerning, affected by uncertainty before autumn budget. Fiscal 2026 guidance unchanged, aiming for around 9,200 completions and 11% operating margin.

Bellway shares have underperformed peers this year, now in 4-star territory. Persimmon preferred due to minimal exposure to London and Southeast markets. Buoyant outlook commentary from management fueling positive sentiment in the industry.

Read more at Morningstar: Bellway: In-Line Figures and Buoyant Commentary Rally Shares