Richards assumes the role in July, taking over from Ian Baker who stepped down from the position last year due to ill health.

Previously managing director for the investment division, he was responsible for activities in renewables and public private partnerships.

After an extensive search internally and externally for the position, Richards was selected for his strong financial background and track record of delivering good financial and operational results in a fiercely competitive market.

Galliford Try chief executive Greg Fitzgerald also issued an encouraging trading statement today saying reservation levels were up 6% so far this year.

“In house building, we are experiencing encouraging levels of reservations since our last update including prices achieved above expectations.

“We welcome the Government’s Help To Buy scheme. The early signs of its impact are encouraging and we expect an increase in completion levels from next year. “
He added that Linden Homes’ land bank presently stands at 11,000 plots, of which 85% have been secured at current market values.