HOUSEBUILDER Bellway is expecting to announce better than expected profits this year after a rise in both the number of homes it has completed and the average selling price.

The Newcastle company said pre-tax profits for the year ended July 31 would be “modestly ahead of the current market consensus of £62m”.

It also revealed that it has legally completed 4,922 homes, up 7.1% on 12 months ago, and the average selling price has risen from £163,175 to around £175,000. However, it said the price increase was mainly due to a change in the product mix rather than house price inflation.

Despite summer being a traditionally slower selling period, Bellway’s reservation rates were up on last year and its order book rose from £421m to £426.8m to hit 2,497 homes.

The company also announced that finance director Alistair Leitch will be retiring at the end of January after 31 years with the group. He joined Bellway as divisional accountant for Scotland in 1981 and rose through the ranks to be appointed in his current role in 2002.

Bellway said: “The board would like to place on record its sincere gratitude for his dedicated service and highly valued contribution to the group over the years and wishes him a long and happy retirement.”

Leitch will be replaced by the current group chief accountant, Keith Adey, a Durham University graduate who joined Bellway from Grainger in 2008.

Bellway’s full year results will be published in October.