Director Shareholding

Bellway PLC
06 January 2004

                      BELLWAY PLC DIRECTORS' SHAREHOLDINGS

                                6TH JANUARY 2004

The company was yesterday informed that on Monday 5th January 2004, 64,530
Bellway plc 12.5p ordinary shares were transferred to the following directors of
the company for a consideration of £1 per director 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:

H C Dawe          -     26,162

P J Stoker        -     19,003

J K Watson        -     19,365

Immediately thereafter, all the shares were sold at a price of 689p per share to
Capita IRG Trustees Limited who are the Trustees of the Bellway plc Employee
Share Trust (1992).

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


                             Current               Previous

H C Dawe          -      82,352(0.07%)            82,352 (0.07%)

P J Stoker        -     431,000 (0.39%)          431,000 (0.39%)

J K Watson        -     194,351 (0.17%)          194,351 (0.17%)


In addition, the total number of shares held in the Bellway plc Employee Share
Trust (1992) is 460,792 (0.41%) (460,792; 0.41%). Of these, the Executive
directors have a beneficial interest in 205,359 (0.18%) (269,889; 0.24%)
ordinary shares.

In addition, each Bellway executive director has a potential further beneficial
interest in up to 255,433 (0.23%) (190,903; 0.17%) shares held in the Trust.


The other interests of the directors remain unchanged.


Ends



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