A HOUSEBUILDER says buyers’ increasing desire to climb the property ladder has yielded record sales.

Barratt Homes North East says demand has superseded previous levels.

Bosses say the success means sales have increased 74 per cent over the last five years.

They added they expect another ten per cent of growth in the coming 12 months as sites in Durham, Yarm, near Stockton, and Hebburn, South Tyneside, lure buyers.

The numbers are a boost to Barratt, which, like many housebuilders, has seen its share price fall due to post-Brexit jitters.

However, the business has seen its stock regain some of its value in recent days and earlier this month it revealed group sales, delivered under the Barratt Developments banner, were stronger as a result of government schemes, mortgage lender competition and housing shortages.

The company, founded by North-East tycoon Sir Lawrie Barratt, said its successes in the North-East have been helped by the Merrington Park scheme, in Spennymoor, County Durham, which has accounted for 81 sales over the last 12 months, and Gateshead’s Gateway development, where 62 homes have been sold in the period.

Fenton Hewitt, Barratt Homes’ North East sales director, said: “These figures highlight the ongoing demand for high-quality housing in the region and we’re absolutely delighted to announce this has been our most successful year-to-date.

“The success at Merrington Park has been fantastic, with more than a quarter of the released properties being completed since last year, showing the strength in the local property market.”

Barratt previously revealed strong demand was continuing to fuel its growth, though officials admitted Brexit indecision may check future progress on land plans.

According to its latest results, the company, which includes Barratt Homes and David Wilson Homes, saw sales increase 5.3 per cent to 17,319 in the year to June 30, with total average selling prices 10.6 per cent better off at £260,000.

Total forward sales were steady at £1.76bn, while the business approved more than £1bn worth of land to buy in the period, equating to nearly 24,500 plots.

However, David Thomas, chief executive, issued caution over future land arrangements.

He added: “The group has healthy forward orders and an experienced management team, and the sector continues to receive government support, mortgage availability is good and there remains an undersupply of new homes.

“However, following the EU referendum, we are mindful of the greater uncertainty facing the UK economy.

“We had contingency plans and have taken appropriate measures to reduce risk, such as reassessing land approvals, as we monitor the market.”

Barratt Homes has properties in Consett and Burnopfield, near Stanley, County Durham, and Washington, Wearside, while its David Wilson division has homes on the outskirts of Durham City and in Nunthorpe, near Middlesbrough.