MORTGAGE lenders’ continued battle for buyers’ business has provided rich pickings for a housebuilder.

Bellway says mortgage firm offers, allied to the Government’s Help to Buy scheme, have fuelled demand.

The company, headquartered in Newcastle, says sales increased to 4,462 in the six months to January 31, with its forward order book higher at £1.12bn.

Bosses added the clamour had provided confidence to spend £380m on land and creditors in the period.

According to its results, released yesterday, Bellway’s sales were 6.5 per cent better off, with its weekly reservation rate of 166 outperforming the 156 recorded a year ago.

The company’s average selling price on private sales was also higher, up by more than four per cent at £291,000, though its £256,000 overall average represented a slight fall due to a greater proportion of lower value social homes.

Nevertheless, Ted Ayres, chief executive, said the firm, which has developments in Stockton, Middlesbrough, Guisborough, east Cleveland, and Washington, Wearside, was on a strong footing.

He said: “We have delivered another strong half-year result, increasing both the number of sales and the value of the order book.

“Market conditions remain positive and we are continuing to invest to achieve further disciplined growth.”

Mr Ayres admitted Bellway, which has offices in Darlington and Gateshead, remains wary of Brexit’s implications but added it had enough confidence to buy 6,287 plots.

Speaking to The Northern Echo last year, Mr Ayres expanded on the company’s Brexit stance, saying factory closures and associated job losses close to its developments, rather than Brexit-induced difficulties, would be its main concern.

He added: “We were all worried about what would happen to consumer confidence after the EU referendum, however, it has been very positive.

“If you look at the cost of a mortgage, it is very cost-effective, in addition to the benefits of Help to Buy, which is a big help for us.

“Customers coming in are seeing we are affordable and we have a really good conversion rate.

“Unemployment would affect consumer confidence but we are not suffering from such issues.

“We see the opportunity for growth.”