A HOUSEBUILDER says record-breaking results have put it on course to meet an 11,000 homes target.

Bellway says it is primed for expansion after buyers’ demand eased Brexit slowdown fears.

It said such conditions meant the business recorded a seventh successive year of growth.

Officials added they expect the momentum to continue, with reservations and online searches for the Newcastle-headquartered firm’s homes ahead of a year ago.

According to results for the 12 months to July 31, revealed yesterday (Tuesday, October 18), the company saw sales rise 12.5 per cent to 8,721.

Such clamour pushed revenues 27 per cent higher to £2.2bn, with the company’s order book including 4,701 homes worth £1.2bn.

Pre-tax profits were more than 40 per cent better off than a year ago at £497.9m and the firm revealed it has bought 9,555 plots to continue its growth.

Ted Ayres, chief executive, said the numbers mean the business, which has developments in Stockton and Middlesbrough, can push towards its 11,000 home target.

He added the Brexit vote had failed to quench buyers’ thirst for new properties.

He said: “The group has the capacity to deliver around 11,000 new homes per annum and is well placed to increase this capacity, through the opening of further new divisions, should market conditions remain robust.

“The EU referendum has cast some uncertainty with regards to the wider economic outlook.

“Reassuringly, reservations net of cancellations, since the referendum until July 31, were 13 per cent ahead of the same period in the prior year.”

Mr Ayres revealed Bellway, which runs offices in Darlington and Gateshead, had lifted staff numbers by nine per cent in the period to 2,366.

John Watson, chairman, reiterated the company’s positivity, saying mortgage companies’ rivalry was helping buyers seek out its properties.

He added: “We have delivered another record year and the long-term outlook continues to be positive.

“This is supported by strong customer demand, a substantial forward order book and favourable trading conditions.

“The ongoing demand for new homes across the country is strong, supported by a good availability of affordable mortgage finance, with this further enhanced by the Government’s Help to Buy scheme.

“There remains a shortage of homes in the UK and we are well placed to continue growing.” Bellway has developments across the North-East, including homes in Guisborough, east Cleveland, and Washington, Wearside.