House building firm Bellway has reported a 28.3% increase in gross profit in its half year interim results.

However, the company added that a lack of affordable mortgages are a constraint on the housing market.

At the end of January 2013, the firm's gross profit reached £89.7m; up from £69.9m at the end of January 2012.

Its revenue also increased 9.6% from £458.6m to £502.5m at the end of January 2012.


In Scotland, Bellway completed 180 home sales in the six months, compared with 165 for the same period the previous year. The average selling price was £175,000.

This was a slight increase from a year ago.

Finance Director Keith Adey said: "The improvement in the north has largely come about through investment in sites. In this current period we have opened a few more sites in the north rather than the south."

He added that during that period, Bellway completed "just over a dozen" sales at its Broomhouse site near Glasgow, and its Kirkliston development to the west of Edinburgh is also doing well.

(JP/CD)