A HOUSEBUILDER has batted away General Election and Brexit concerns after strong demand bolstered its financial sheet.

Bellway says mortgage lenders’ continued battle for buyers’ attention, alongside a favourable employment landscape, means it is well placed for growth.

The company, headquartered in Newcastle, revealed the bullish outlook yesterday after confirming it expects annual sales to grow nearly ten per cent and hit close to 10,000.

Bosses also reported the firm’s forward order book of homes due to be sold beyond July 31 stands ahead of last year’s £846m total at £900m.

Ted Ayres, chief executive, admitted the election and Brexit was providing some uncertainty, though he said ministers’ acknowledgement of a housing shortage, coupled to Bellway’s order book, provides a real degree of confidence.

He also pointed to the business’ land bank, which has seen Bellway agree terms of 10,250 plots since August and, more recently, instruct solicitors to buy another 5,500 units.

Speaking after yesterday unveiling a trading update for the period between February 1 and June 4, he said: “The market remains positive and continues to be supported by low unemployment, good availability of mortgage finance and Help to Buy.

“While the outcome of the General Election has provided a degree of instability, all parties recognise the need for increased housing.

“The board also remains mindful of Brexit, however, the group’s strong order book and operational focus should ensure it is well placed to continue its growth.”

The company has offices in Darlington and Gateshead, and has developments in Stockton, Middlesbrough, Guisborough, east Cleveland, and Washington, Wearside.