Director Shareholding

Bellway PLC
22 December 2004

                                  BELLWAY PLC


                            DIRECTOR'S SHAREHOLDINGS


The Company was informed on 20th December that under the terms of the Bellway
plc (1995) Employee Share Option Scheme and Bellway plc (1996) Employee Share
Option Scheme, Mr J K Watson, a director of the company, exercised 116,800
Bellway plc 12.5p ordinary shares as follows:



Bellway plc (1995) Employee Share Option Scheme

No of shares                    Price per share

8,900                             335.40

Bellway plc (1996) Employee Share Option Scheme

33,600                            335.40

74,300                            409.30


Immediately thereafter, Mr Watson sold 78,708 Bellway plc 12.5p ordinary shares
at a price of 801.5926p per share.


Following the above transactions, the beneficial shareholding of Mr Watson in
the ordinary share capital of the company is as follows:



No of shares                %          Previous        %

254,753                    0.23        216,661        0.19


In addition, the share options outstanding in respect of Mr Watson following the
above transactions are as follows:



No of shares                          Previous

209,500                               326,300


The other interests of the directors remain unchanged.


Ends


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