Housebuilder Bellway has posted a nearly 50% hike in profit, with revenue up 9.6%.

In its full results to the year to 31 January 2013, the housebuilder said its revenue increased by 9.6% to £503m, with pre-tax profit up 48% to £60m.

The firm said it sold 2,597 homes over the year, up 5.8% on the previous year.

The average selling price increased to £187,426, up 2.6% on 2012.

The firm’s land bank increased to 32,025 plots.

The firm said that over the past year the availability of “affordable, higher loan to value mortgage products has remained a constraint that has tempered consumer demand”, but that it welcomed the government’s Budget measures to support the housing market. 

“Whilst it is too early to assess the effect these measures may have, we remain hopeful that they will lead to improvements in mortgage accessibility,” the firm said.

Bellway chairman John Watson, said: “The Group has delivered another strong set of results, having achieved further growth in volume, average selling price and operating margin and this has contributed to an improvement in return on capital employed.”