A HOUSEBUILDER has shrugged off Brexit concerns saying its ability to meet demand will have the greatest impact on its performance.

Bellway says a property shortage, allied to low interest rates and competitive high street mortgage deals, has given it a platform to grow.

The company, headquartered in Newcastle, added the EU referendum has had no meaningful effect on buyers’ appetite, revealing a skills shortage could be more of a threat to its progress.

The upbeat message came as the business yesterday revealed its half-year results for the period to January 31, which showed a record number of sales in the first half.

Its balance sheet also showed pre-tax profits had increased 9.3 per cent to £247.6m and revenue was up 5.9 per cent to £1.1bn.

Sales increased 6.5 per cent to a record 4,462 in the period.

The Northern Echo contacted Bellway to conduct an in-depth look at its results but did not receive a reply.

However, in a stock exchange note, Ted Ayres, chief executive, said the business, which has offices in Darlington and Gateshead, was making good progress.

He also reiterated the point that Brexit, and the forthcoming activation of Article 50, wasn’t a major concern.

Mr Ayres added: “With such strong demand, the wider economic uncertainty following the EU referendum has not had any meaningful effect on purchasers’ willingness to acquire property.

“It is the availability of labour and the ability of the group to meet demanding construction schedules that will have the greatest effect on the rate of growth in the current financial year.”