Director Shareholding

Bellway PLC
08 December 2004

                                  BELLWAY PLC

                            DIRECTOR'S SHAREHOLDINGS


The company was today informed under the terms of the Bellway plc (1996)
Employee Share Option Scheme, Mr H C Dawe, a director of the company, today
exercised his option to purchase 86,600 Bellway plc 12.5p ordinary shares as
follows:

No of shares                                              Price per share
86,600                                                    409.30


Immediately thereafter Mr Dawe sold all of the shares at a price of 725p per
share.


In addition, today 51,328 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 to reward directors and employees):


H C Dawe     -     20,681

J K Watson     -     15,840

P J Stoker     -     14,807


Immediately thereafter, 40,630 Bellway plc 12.5p ordinary shares were sold at a
price of 725p per share as follows:


H C Dawe     -     20,681

J K Watson     -      6,336

P J Stoker     -     13,613


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                99,352 (0.09%)                99,352 (0.09%)

J K Watson             216,661 (0.19%)               207,157 (0.18%)

P J Stoker             435,000 (0.39%)               433,806 (0.39%


In addition, the total number of shares held in the Bellway plc Employee Share
Trust (1992) is 460,624 (0.41%) (511,952; 0.46%). Of these, the executive
directors have a beneficial interest in 258,469 (0.23%) (309,797; 0.28%)
ordinary shares.


Under the terms of the Bellway plc (2004) Performance Share Plan, the Bellway
plc executive directors have a potential further beneficial interest in up to
302,518 (0.27%) (302,518; 0.27%) shares held in the Trust.


In addition, each Bellway executive director has a potential further beneficial
interest in up to nil (0.0%) (nil; 0.0%) shares held in the Trust.


The other interests of the directors remain unchanged.


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