Bellway is to consider reopening an east of Scotland division after the housebuilder announced record interim results.

The Newcastle-upon-Tyne based group consolidated its Scottish operations into a single division operating out of Hamilton in the wake of the financial crisis.

However, unveiling solid results for the six months to the end of January, chief executive Ted Ayres said the firm’s Scottish arm had enjoyed a “very strong” half year with the extension of the Help to Buy scheme also providing “a bit more visibility”. Bellway currently builds about 600 units pre annum north of the Border.

Ayres told The Scotsman: “We have grown quite a bit in Scotland and the next consideration is whether we should open a second division in Scotland which we had pre-crash.”

He said the group, which has been rebalancing its product mix towards houses rather than flats, was about to embark on a small apartment scheme in Edinburgh.

The housebuilder has revealed a 30.5 per cent jump in half-year revenues to £1.08 billion for the period to January 31. Operating profits were up 40.3 per cent to £232.4 million.

In total, Bellway concluded 4,188 sales in the period, up 11.6 per cent. Even more encouraging for the company, the average selling price was up 17.3 per cent to £257,280 – though this figure as a nationwide average is skewed by the inflated London market.

In the north, the company’s average selling price for private homes was £222,100 across 1,704 sales. Social housing in the north led to 269 completions at an average price of £90,300 – representing 13.6 per cent of the region’s completions.

“ Scotland is performing incredibly well for us – assisted by the extension of the help to buy scheme,” said Mr Ayres.

“There is a slight caveat in the cascade mechanism that gradually reduces the selling price at which help to buy is available so that may impact sales in the coming years, but it’s been a massive help.”

Current developments north of the border are focussed on the central belt, but have moved north to include a 29-plot site in Alloa.

Land availability in Scotland remains strong, though Mr Ayres conceded that the company is wary of buying up large tranches.

“The ideal site size in Scotland is around 100-150 units. That allows us to deliver without over exposing ourselves.”