The cost-cutting plan is understood to have delivered 450 job cuts and cost £8m to implement but would not affect existing UK market coverage.

In a trading statement this morning chief executive Jennie Daly said Taylor Wimpey had seen a incremental improvement in sales rates so far this year compared to the end of 2022.

She added that Taylor Wimpey was remaining ‘highly selective in our land additions’ and as a result, in the year to date had approved fewer than 500 new plots.

“We have seen continued recovery in demand from the low levels experienced towards the end of 2022, supported by good mortgage availability, and have seen an incremental improvement in sales rate as the Spring selling season has progressed.

“While we remain cautious of continued macroeconomic uncertainty, Taylor Wimpey is a strong and agile business differentiated by our high-quality landbank and experienced teams who have a sharp focus on operational discipline.”

“We continue to expect 2023 completions to be in the range of 9,000 to 10,500, broadly equivalent to an annual net sales rate assumption of 0.5 to 0.7, with completions more weighted to the second half.”

Last year Taylor Wimpey achieved home completions of just over 14,000, slightly down on the previous year.

Prevailing annualised build cost inflation was reported to be showing signs of moderating from the 9-10% reported in March.