Housebuilder Bellway has called on the Government to immediately cut stamp duty and introduce a deposit support scheme for first-time buyers, in a bid to revive the UK's sluggish property market. The Newcastle-based firm's appeal comes despite prime minister Andy Burnham having ruled out a major stamp duty overhaul at the Autumn Budget, and reflects wider industry pressure as high mortgage rates, squeezed household budgets and rising building costs continue to dampen demand for new homes.

Bellway reported that home completions rose 10.8 per cent to 9,695 over the year to 31 July, with underlying operating profit expected to climb to around £320 million from £303.5 million. The company said trading was strong early in the spring selling season but has since cooled due to rising mortgage rates. Burnham has separately pledged the "biggest council house building programme since the post-war period" and higher-density development in existing towns, using vacant public land to cut costs and protect green spaces.