Instead it will concentrate on its growing social housing presence.

The firm’s chief executive John Dodds, speaking to the Financial Times, said the company would focus in the future on “partnership housing”.

Dodds told the Financial Times: “There is a sea-change in how we’re running the business.

“The traditional model of housebuilding – buying land, putting up a house, selling it on spec – is something that will disappear from our business.”

The move will also free up cash to reinvest in its construction and support services business.