Bellway one of UK’s largest home builders has announced that it has completed the sale of more than 10,000 homes for the first time in its history.

In their latest trading update for the year ending July 31 2018 ahead of its preliminary results announcement on October 16, the housebuilder said that during its financial year it completed the sale of 10,307 new homes, up 6.9% on 2017.

The proportion of private completions increased to 80% of the total (2017 – 78%). The overall average selling price of homes rose around 9.4% to what Bellway said was a new high of £284,900.

Even with news of developers selling record number of properties 86% of housebuilders believe construction of 250,000 additional homes a year is the maximum achievable amount by 2022, falling short of the government’s 300,000 target, according to a survey by Knight Frank. Just 1% of respondents, which include more than 100 developers that account for almost three quarters of all newly-built homes across the country each year, think surpassing 300,000 additional homes each year is possible by 2022.