Housebuilder Bellway has hailed ‘another tremendous set of results’ as it unveiled record earnings.

The Newcastle-based firm, which has a strong presence north of the Border, said pre-tax profits for the six months ending 31 January jumped 53.1 per cent to £158.9 million, ahead of analysts’ forecasts. Revenues rose 18.7 per cent to £831.2m.

The company sold 3,754 newly built homes in the six months to the end of January – up 15.7 per cent on the same period the previous year.

Average selling prices grew by 3.4 per cent to £219,343 and the group’s typical price in Scotland is about £200,000. Under the new Scottish land and buildings transaction tax that comes into effect next month, that would trigger a £1,100 bill, compared with stamp duty of £1,500 south of the Border.

Finance director Keith Adey told The Scotsman that the “help to buy” Isa announced by Chancellor George Osborne this month was another welcome development, but he added: “I’m not convinced it will drastically change demand and supply.”

The savings product is aimed at first-time buyers struggling to scrape together a deposit. For every £200 saved, the UK government will add £50, to a maximum of £3,000.

Following the surge in Bellway’s profits, investors will receive an interim dividend of 25p a share on 1 July – up from 16p a year earlier.

Chief executive Ted Ayres also said that the builder was “well positioned to continue its disciplined strategy for growth, thereby creating additional value for shareholders”.