𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The boss of housebuilder Bellway saw his packet almost double in size over the past year despite challenges in the housing market.

Jason Honeyman, chief executive of the Newcastle-based company, received a total pay deal worth £3.23 million for the year to July, according to Bellway’s latest annual report.

It represents a significant jump from the £1.71 million pay deal he received a year earlier.

The increase was driven by bonus payments, with Mr Honeyman receiving £1.13 million in long-term bonuses during the year. He received no long-term incentives last year.

The report also showed that his annual performance-linked bonus increased to £1.17 million from £826,602 in the previous year.

Mr Honeyman, who has led the business for the past seven years, recorded an annual salary payment of £799,814, rising from £765,372 a year earlier.

The report showed that Mr Honeyman received a total pay package worth 61 times that of the average Bellway employee.

Meanwhile, Keith Adey, who stepped down as the group’s finance chief during the year, received a £1.36 million pay deal after also being boosted by long-term bonuses.

It represented an increase from a £1.05 million package a year earlier despite a smaller salary thanks to his departure during the year.

The executive pay deals came amid a backdrop of improved profits over the year.

Earlier this month, the group reported a pre-tax profit of £221.9 million, more than a fifth higher than the previous year.

The company also sold 14.3% more homes than the previous year, while the average selling price of a home rose from nearly £308,000 to about £316,400.

Mr Honeyman said in the update that the developer was facing “some near-term challenges” but that it was “very well-positioned to continue delivering much needed high-quality new homes in the years ahead”.