Berkeley has also become the first major house builder to break the 20% profit margin barrier as operating margins rose 1.6% to 20.4%.

Turnover was up in line to £1,372.6m from £1,041.1m as shareholders enjoyed another 59p dividend as part of Berkeley’s promise to return £1.7bn to investors over the next decade.

Chairman Tony Pidgley said: “The growth in earnings this year is a direct result of a period of sustained investment since early 2009 during which Berkeley has committed over £1 billion to new land and £2.4 billion to construction and completed over 12,000 new homes in London and the South of England.

“This investment has enabled us to regenerate derelict sites across the region, sustaining 16,000 jobs through increased activity and committing some £250 million towards crucial local infrastructure improvements including schools, surgeries, parks and playgrounds.”

Berkeley spent £315m acquiring ten new sites during the year and now has 73 of its 87 sites currently under construction.

The firm sold 3,712 new homes during the year at an average price of £354,000 – up from 3,565 at £280,000 last time.

Pidgley started the process to buy one of his own homes during the year with plans to pay £10.5m for an apartment at the firm’s Ebury Square scheme in Belgravia where flats cost up to £24m.