Latest results show the firm increased UK completion levels to 13,808 homes in 2016 from 13,219 the previous year.

Dividends to shareholders totaled £355.9m during 2016 and are set to rise to £450m this year.

The company confirmed it currently has a landbank of 76,000 plots – equivalent to more than five years supply.

Total build costs per unit rose in 2016 to £137,200 from £121,900 with like-for-like construction costs increasing 4% “with the majority of cost pressures coming from labour.”

Taylor Wimpey added: “The availability of materials has largely kept pace with the growth of the industry.

“Whilst we expect to see some impact on input prices from the weaker sterling exchange rate following the EU Referendum result, we do not expect this to be significant due to the low level of direct imports.”

Pre-tax profit for the year before exceptional items rose 21.5% to £733.4m on turnover up 17.1% to £3,676m.