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Bellway has reported a 76% increase in the value of its forward-order book for homes, and revealed that it has increased its spending on land by 48% over the past 12 months on the back of 鈥渞obust demand鈥�.

In an interim management statement today, the housebuilder said homes due for completion by the end of July were valued at 拢670m, up from 2013鈥檚 figure of 拢380m.

It said it had spent 拢400m on land and land creditors since the beginning of August last year, up from 拢270m for the period before.

Bellway said growing consumer confidence and a 鈥渟trong supply of mortgage finance鈥� were important factors, and that the government鈥檚 Help to Buy shared-equity scheme had been an 鈥渋mportant selling incentive鈥� that had accounted for 879 reservations since the beginning of February.

Chief executive Ted Ayres said the company was looking at a 鈥渟ignificant opportunity for volume growth鈥� based on the strong UK housing market and Bellway鈥檚 鈥渄isciplined approach鈥� to land investment.

鈥淭he group has a substantial balance sheet and operational capacity for further expansion,鈥� he said.

鈥淟and with detailed planning permission is already in place to achieve next year鈥檚 volume growth aspirations.

鈥淭his strong position, together with a focus on improving return on capital employed, ensures that Bellway remains well placed to deliver further enhancement to shareholder value.鈥�

Bellway added that it had reduced its bank net debt from 拢95m to 拢45m over the past 12 months.

Earier this year, the firm reported a 41 per cent increase in revenue for the six months to the end of January, rising to 拢690m from 拢486.7m for the same period in 2012/13.