A HOUSEBUILDER says the Brexit vote has failed to quench buyers’ thirst for new homes after revealing record annual sales.

Bellway says demand has continued at a pace despite the EU referendum.

According to results for the 12 months to July 31, the Newcastle-headquartered business saw sales rise 12.5 per cent on a year ago to 8,721.

The clamour pushed revenues 27 per cent higher to £2.2bn, while the company’s order book includes 4,644 homes with a value of £1.1bn.

Ted Ayres, chief executive, said the firm, which earlier this week opened a trading division in Durham, was benefiting from buyer demand as low interest rates and affordable mortgages provide fertile ground for people to get on the property ladder.

He added the optimism had allowed Bellway, which has developments in Stockton and Middlesbrough, to buy nearly 10,000 plots across 88 sites in its financial year.

However, Mr Ayres cautioned further similar deals may be affected by the outcome of the autumn selling season due to Brexit.

He said: “We have delivered an outstanding trading performance, achieving a new record for volume.

“Customer confidence and trading conditions have remained strong throughout the year, notwithstanding the wider economic uncertainty in the weeks preceding and following the EU referendum.

“We have maintained a significant forward order book, ensuring the group is well placed to continue its sizeable contribution to the UK’s requirement for new homes in the year ahead.

“It is still too early to assess the effect of the referendum, however, trading in recent weeks has been encouraging and the business, with its strong balance sheet and robust land bank, can be flexible and respond to any market changes.

“The underlying demand for new homes remains strong, supported by lenders’ willingness to provide ongoing access to affordable mortgage finance.”

Mr Ayres said the Brexit vote had also had little impact on the number of people keen to see its show homes, revealing viewing postponements continue to stand at record lows.

He added: “We have taken an average of 169 reservations per week in the year, compared to 153 last year (though) there has been some modest caution from a small number of visitors to developments at the higher value end of the London market.

“However, overall visitor numbers are still strong and the cancellation rate remains at a historic low.”

Bellway has offices across the UK, including a base in Gateshead, which supports its housebuilding projects, and has further developments in Guisborough, east Cleveland, and Yarm, near Stockton.