LONDON high-fliers’ demand for upmarket apartments has pushed a North-East housebuilder’s selling prices to record levels.

Bellway says capital clamour for its high-value accommodation lifted average prices to £257,000 in the six months to January 31.

The figure was 17 per cent higher than a year ago, and bosses say the success should mean overall prices for the full year stand ten per cent higher at about £233,000.

The business, which has its headquarters in Newcastle, also revealed sales in the six-month period were 11.6 per cent better off at 4,188, with its forward order book of 4,434 properties worth more than £1bn.

It has also bought 5,445 plots of land, compared to 3,824 a year ago, as it benefits from more attractive rates.

Ted Ayres, chief executive, said he expects a strong end to the financial year, with Government support through the Help to Buy programme, aiding its progress.

He said: “We have achieved a strong performance for the half-year, delivering a further increase in both volume and average selling price, which should result in a substantial rise in earnings.

“We have made a significant investment in land at attractive rates of return to secure future growth.

“That, together with the positive market conditions and Government support for new housing, should lead to further value creation for shareholders.”

Bellway has offices across the UK, including a base in Gateshead, which supports its housebuilding projects.

Employing about 2,000 staff, the company’s North-East developments include homes in Stockton, Middlesbrough, Guisborough, east Cleveland, and Washington, Wearside.