In a trading update published ahead of its full-year results, the housebuilder said it expects that both revenue and profits will rise on a year-on-year basis.

Housing completions rose by 5.7% to 10,892, while its margin continued to moderate towards a “more normalised” level.

Bellway saw “substantial growth” in housing revenue, increasing by more than 8% to almost £3.2 billion, mainly driven by volume growth and also by a 2.5% rise in its average selling price to £292,000, due to “further changes in product and geographical mix”.

The company boasted a strong order book of 4,878 homes and in turn potential to deliver further volume growth. It said there continues to be a demand for new homes, supported by an environment of low-interest rates, and against this backdrop, it has opened an additional 110 new sales outlets.

On the back of that, the average weekly reservation rate rose by 5% to 210 per week, and “Scotland delivered solid results, with demand most pronounced for affordably priced homes in desirable locations”.

Chief executive Jason Honeyman said: “Bellway has concluded another successful year, further increasing the supply of much-needed new homes and delivering a record number of housing completions.

“Quality and customer care remain a priority for the business and this has helped the group achieve recognition as a five-star homebuilder for the third year in succession.

“Trading conditions remain stable and customer confidence is resilient. This, together with a strong forward order book and a healthy balance sheet, ensures that Bellway is well placed to continue its long term growth strategy.”