Churchill will build new developments worth a total of £20m in Surrey, Gloucestershire and the West Midlands.

The developments in Epsom, Emsworth, Gloucester and Stourbridge will create 180 new residential units. The company said it would also begin replenishing its land bank.

Spencer McCarthy, chairman of the company said: “It will be very much a case of “steady as she goes”; far from being out of the storm this could well just be the respite as we pass through the eye. We have a long way to go yet.”