Director Shareholding

Bellway PLC
23 October 2002

                     BELLWAY PLC - DIRECTORS' SHAREHOLDINGS

                               23RD OCTOBER 2002

The company was yesterday informed that under the terms of the Bellway plc
Deferred Bonus Plan and the Bellway plc Employee Share Trust (1992)
(arrangements used to reward directors and employees) 62,063 Bellway plc 12.5p
ordinary shares were yesterday transferred to the following directors for a
consideration of £1 per director:

H C Dawe          -     26,560

P J Stoker        -     18,546

J K Watson        -     16,957

                        62,063

Immediately thereafter, 51,886 Bellway plc 12.5p ordinary shares were sold at a
price of 481p per share as follows:

H C Dawe          -     26,560

P J Stoker        -     18,546

J K Watson        -      6,780

                        51,886

In addition, yesterday the company was also informed that under the terms of the
Bellway plc Employee Share Trust (1992) (arrangements used to reward directors
and employees) deferred bonus rights were yesterday allocated in respect of
45,685 Bellway plc 12.5p ordinary shares to the following directors of Bellway
plc as follows:

H C Dawe          -     18,092

J K Watson        -     14,517

P J Stoker        -     13,076

                        45,685

The shares are to be held in the Bellway plc Employee Share Trust (1992) until
at least 21st October 2005, whereupon they will be capable of being transferred
into each individual directors' name for a consideration of £1 per director for
a period up to 21st October 2009.

Following the foregoing transactions, the number of Bellway plc 12.5p ordinary
shares which are beneficially held by each of the above directors is as follows:

                              Current               Previous

H C Dawe            -      60,352 (0.054%)          60,352 (0.054%)

P J Stoker          -     405,020 (0.37%)          405,020 (0.37%)

J K Watson          -     134,851 (0.12%)          124,674 (0.11%)

In addition, following the above transactions, the total number of shares held
in the Bellway plc Employee Share Trust (1992) is 489,056 representing 0.44%
(573,375; (0.52%.) of the issued share capital of the company. Of these, the
executive directors hold a beneficial interest in 161,543 (0.17%) (222,980;
0.20%) shares as follows:

H C Dawe          -      64,935

J K Watson        -      49,722

P J Stoker        -      46,886

                        161,543

In addition, each Bellway executive director has a potential further beneficial
interest in up to 327,513 (0.37%) (350,395; 0.32%.) shares held in the Trust.

The other interests of the directors remain unchanged.

Ends




                      This information is provided by RNS
            The company news service from the London Stock Exchange