Housebuilder Bellway says it has made a record investment in land as demand for housing has neared levels seen before the pandemic.
In a trading update to the Stock Exchange, the Newcastle company said it had seen strong sales demand in the period from February to June, with an average of 239 reservations a week. That compared to 158 last year - at the start of the pandemic - and 244 two years ago.
The company said it had made a record investment in land, with almost 16,000 plots contracted since August last year, and had a strong balance sheet, with net cash of £408m.
Bellway is expecting to complete sales of around 10,000 homes in its full year, with average prices rising above £300,000.
Chief executive Jason Honeyman said: “Demand for our high-quality new homes continues to be strong and customer confidence throughout the wider housing market is resilient.
"Customer satisfaction is high and our recently launched ‘Customer First’ programme will help to improve quality further and will build upon our continued success as a five-star home builder.
“We have continued our front-footed approach to land acquisition, making a record investment in new sites, thereby enabling us to grow sales outlets and meet the ongoing demand for new homes in the years ahead.
“This disciplined investment approach, together with our strong balance sheet, ensures that Bellway is in a good position to continue its long-term growth strategy.”
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The company said it had been supported by the extended stamp duty holiday and by people needing more space to work from home.
It highlighted growing demand for skilled labour and rising prices for building materials, but said rises in house prices were currently offsetting those pressures.