Bellway has expressed concerns that the recently announced Help to Buy scheme by Prime Minister Andy Burnham could inadvertently slow activity in the housing market. The revamped initiative, known as Your First Home, is designed to assist first-time buyers in England by enabling purchases with deposits as low as 2.5 percent.

Jason Honeyman, CEO of Bellway, acknowledged the scheme’s potential to offer meaningful support to prospective buyers. However, he cautioned that some purchasers might postpone their decisions until further details about the program become available, potentially dampening short-term market momentum.

The housebuilder, which reported a 13.4 percent increase in annual revenues to £3.16 billion and a 5.7 percent rise in profits to £305.7 million, welcomed the introduction of the scheme. Yet, it emphasized that effective implementation would require accompanying reforms to the planning system to avoid bottlenecks in housing supply.

Bellway highlighted several ongoing challenges affecting the housing sector, including delays in planning approvals, rising mortgage interest rates, and broader economic uncertainties. These factors contribute to an uncertain market outlook, underscoring the need for coordinated policy measures alongside financial support for buyers.

The Your First Home scheme, unveiled last month, aims to enhance affordability for first-time purchasers amid a tightening market, but Bellway’s caution signals the complexity of balancing immediate demand stimulation with longer-term supply issues.