Fitzgerald also said sales price inflation for new homes is easily outstripping  construction cost increases.

He said: “There is some pressure across the material supply chain in terms of price increases and extended lead times, but we are working well with our partners to ensure successful delivery of our build programme and expect this position to ease through the second half.  

“House price inflation is more than offsetting any cost pressure.”

A trading update from the house builder today revealed performance strongly ahead of expectations with Vistry on track to deliver 6,500 homes this year at a margin of 22%.

Rival Redrow also published a bullish trading statement today with turnover for this financial year to June 27 expected to hit £1.94bn and completions 5,620.

Redrow is expecting to generate margins of 15.5% this year with turnover topping £2bn next year as margins rise to 18%.