The group said disposal of the construction business is in line with its strategy of focusing on its core housebuilding activities.

Net proceeds from the disposal will be used for general group purposes.

"The construction business has developed an excellent reputation in its chosen markets and has been a valued part of Taylor Wimpey," said chief executive Pete Redfern.

"However, given Taylor Wimpey's focus on its core housebuilding activities, we have been talking to Vinci plc since February this year and I'm pleased to announce a successful conclusion today," he added.