Trading Statement

Bellway PLC
05 February 2003

                                 BELLWAY p.lc.


                                 TRADING UPDATE


                           WEDNESDAY 5 FEBRUARY 2003


Prior to entering its close period before the interim announcement on 10 April
2003, Bellway, 'the local, national housebuilder', wishes to update investors on
current trading.


The Board anticipates that the Group's financial performance for the six months
to 31 January 2003 will exceed expectations. We have completed the sale of 2,470
homes in the period to 31 January, an increase of 7% over the same period last
year. In addition, this performance has been underpinned by an increase in
average selling price in excess of 25% and an improved operating margin compared
to the same period last year.


Despite media speculation regarding the housing market, conditions continue to
be encouraging throughout our areas of operation and we have reserved,
contracted or completed 80% of targeted output for the current financial year.
In view of this, the Board anticipates that the results for the year to 31 July
2003, could now exceed its earlier expectations.






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