YORK housebuilder Persimmon has reported soaring profits from revenues of £2.6 billion following what bosses have described as an "improved supply of higher loan to value mortgages at compelling interest rates".

The Fulford-headquartered firm has announced a 44 per cent rise in pre-tax profits, up from £330 million in 2013, to £475 million for the year ending December 31, 2014.

In a year of upward trends, Persimmon saw legal completions for 2014 increase by 17 per cent from the previous year to 13,509, while the average selling price rose by 5.3 per cent to £190,533, up from £180,941 in 2013.

Nicholas Wrigley, chairman of the Persimmon Group, which employs 150 of its 2,500 staff in York, said: "Persimmon delivered a strong and well balanced performance in 2014.

"We have had an encouraging start to 2015 and experienced a solid opening period to the spring season.

"Despite some uncertainty arising from the General Election in May, the ongoing gradual improvement in the UK economy and increasing mortgage lender support provides a supportive backdrop for the new homes market."

Reporting its full year results today, Persimmon said as of February 23, 2015 it had total forward sales of £1.49 billion, five per cent stronger than at the same point last year.

During 2014 the group opened 185 new sites and said it is optimistic of launching a further 120 new sites in the first half of 2015.

Jeff Fairburn, Persimmon Group chief executive, said: "Market conditions in the first half of 2014 were particularly strong, supported by an increase in lending in association with the Government sponsored Help to Buy scheme.

"A number of major mortgage lenders adjusted their participation in the market allowing others to pursue additional business. This healthy trend of increasing competition has delivered an improved supply of higher loan to value mortgages at compelling interest rates.

"We expect the recent reduction in the cost of stamp duty on buying a new home to support increased access to the market.

"We plan to continue significant investment in new land during 2015 to support the further growth of our regional businesses towards optimal sustainable scale in their markets "The achievements of the Persimmon team during 2014 provide us with great confidence in the future prospects of the Group. We would like to thank all our employees for their hard work, tenacity and dedication in delivering such an outstanding performance for the business."