His decision to step down will trigger a senior management reshuffle.

Morgan will be succeeded as executive chairman by John Tutte, Redrow’s current group chief executive.  

Southern regional chief Matthew Pratt, 43, will be promoted to chief operating officer, joining the board at the end of March 2019, after being with Redrow for 16 years. 

Morgan, said: “I am delighted that John has accepted the invitation to succeed me as chairman.

“I have worked closely with John over the last 10 years and believe that his appointment will ensure the stability and continuity so important to a business like Redrow. 

“By the end of March 2019 it will be exactly 10 years since I returned to the group and I am proud of what has been achieved over this time.

“Since I founded Redrow in 1974 we have had many important milestones. Just two weeks ago we completed our 100,000th Redrow home and 2018 will see us complete 6,000 homes in a calendar year for the first time, both significant milestones for Redrow and for me on a personal level.”

As a major shareholder, I will look forward to watching the continued progress of the business under John’s leadership.”

Tutte, Chief Executive, said: “Steve has made a huge contribution to the industry over many years and his leadership since he returned to Redrow in 2009 has been immense. We wish him every happiness for the future”.