Director Shareholding

Bellway PLC
25 January 2005

                                  BELLWAY PLC


                            DIRECTOR'S SHAREHOLDINGS


                               25TH JANUARY 2005


The Company was yesterday informed that under the terms of the Bellway plc
(1996) Employee Share Option Scheme, Mr P J Stoker, a director of the company,
yesterday exercised options over 40,000 Bellway plc 12.5p ordinary shares as
follows:



         No of shares                   Price

          20,000                      361.10p

          20,000                      277.30p


Immediately thereafter, Mr Stoker sold 35,000 Bellway plc 12.5p ordinary shares
at a price of 877p per share.


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



     No of shares       %      Previous      %

      450,000         0.40     445,000     0.40


The total number of share options outstanding in respect of Mr Stoker following
the above transactions is as follows:



   No of shares               Previous

    286,600                   326,600


In addition, the company was further informed today that 2,200 Bellway plc 12.5p
ordinary shares were sold by the Executors of the Estate of John Stoker Deceased
on 24th January at a price of 872p per share. Mr P J Stoker, only in his
capacity as one of the Executors of the Estate of John Stoker Deceased, has a
joint beneficial interest in the shares held in the Estate..


Following the above transaction, the total number of Bellway plc 12.5p ordinary
shares held in the Estate is 7,800 (0.007%) (10,000; 0.008).


The other interests of the directors remain unchanged.


Ends


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