Bellway has now signed the Government’s Prompt Payment Code to underline its commitment to the 4,500 subcontractors on its books.

Ted Ayres, chief executive, said: “There has also been reduced availability with regard to certain subcontract trades, in particular bricklayers and ground workers, with these challenges being most pronounced in and around the south east of the country where there have been inevitable cost increases.”

He added: “Our divisions seek to foster strong relationships with locally sourced subcontractors, encouraging a culture of fairness in our dealings.

“In addition, we became signatories to the Prompt Payment Code during the year, which reflects our commitment to ensure that all subcontractors are paid within agreed timescales for work performed.”

He added that brick and block supply bottlenecks had eased over the year as supply had been ramped up by materials producers.

In the year ending July, Bellway saw turnover jump a third to £1.5bn, driven by a 21% rise in completions to 6,851 homes, split evenly between the south and north.

The average selling price of homes sold across the group rose 10.4% to £213,182.

The improved market saw operating margins jump from 13.6% in 2013 to 17.2% this year.

Bellway’s owned and controlled land bank rose to 35,434 plots (2013 – 32,991) and it moved to net cash of £5.1m this year compared to a net bank debt of £5.8m last year.