Chairman Alan Bowkett said: "Redrow delivered a solid performance in the last financial year against a backdrop of successive interest rate rises and an increasingly inefficient and complex planning system."

Completions in the year were hampered by delays brought about by the planning system, particularly at its Signature family homes brand. Here completions fell from 4,027 to 3,689, with average selling prices up 1% at £167,900.

The higher proportion of affordable homes meant turnover at the Homes division was 1.1% lower at £757 million.

Redrow also invested in its landbank and now has 17,700 plots with planning consent, compared to 16,750 last year. Surplus land sales in the year generated profits of £15.1 million, buoyed by a strong land market.

Redrow said it had continued to invest in land in the "important" South East region, while investment in a large site in Cheswick in Bristol and major forward land holdings in Exeter and Taunton provided it with a strong platform for growth in the South West and the West Country.