Bellway joined the growing chorus of housebuilders calling on the Government to help boost the flagging housing market.

The FTSE 250-listed firm, which specialises in new-build properties, said more needed to be done for first-time buyers as the near-term outlook remained ‘uncertain’.

Chief executive Jason Honeyman called for ‘an immediate reduction’ in stamp duty ‘in order to ease affordability constraints and stimulate demand’.

The levy has compounded ongoing weakness in the housing market as it can add thousands to the cost of buying a home. Andy Burnham has ruled out any changes to stamp duty at the Autumn Budget.

Honeyman also called for a government-backed deposit support scheme for first-time buyers, which he said ‘would drive economic growth and accelerate the delivery of much-needed new homes’.

It came as Bellway flagged near-term uncertainty as a ‘more prolonged period of softer customer demand’ coincided with renewed inflationary pressures on build costs.

The housebuilder expects annual underlying operating profit of £320million – at the lower end of its forecast range – when it reports its full-year results in October.

Bellway shares slipped 1.5 per cent to 2,068p, having fallen 24.5 per cent this year.

The housebuilder said it had first suffered a slump in demand last autumn because of ‘uncertainty ahead of the Government’s Budget.’

Since then, rising oil and gas prices following the outbreak of the war with Iran have pushed up mortgage rates, making home purchases more expensive for buyers.

At the same time, the cost of building homes is rising as the price of everything, from bricks and other materials to fuel and transport, increases.

A handful of housebuilders, including Taylor Wimpey and Barratt Redrow, have urged the Government to slash stamp duty, which they blame for a slowdown in sales.

While demand had softened, Bellway sought to reassure investors, pointing to 10.8 per cent growth in total housing completions to 9,695 in the year to July 31, ahead of expectations.

Bellway said it continued to ‘exercise tight control’ over its costs and remained focused on the monetisation of its strategic land bank, which stands at around 48,000 plots. It has contracted to buy a further 8,578 plots for £505million, in areas where there is already high demand.

The group ended the year with net cash of £157.7million, compared to £41.8million the previous year.

However, the group’s adjusted operating margin is expected to fall from 10.9 per cent to 10 per cent due to sales incentives and higher building costs. Its order book of 4,206 is lower than the previous year’s 5,307.

Bellway announced a further £50million share buyback, following the £150million announced last October.