A trading update shows Barratt completed 17,908 homes over the year, up from 17,243 but short of its target to deliver 18,000 to 18,250 new homes,

There was a small dip in the company’s share prices after the news emerged, The Herald reports.

However, Barratt also saw its profits increase, with adjusted profit before tax forecast at between £1.05 billion and £1.06 billion, slightly ahead of an expected £1.048 billion. It reported profit of £919.7 million in the previous year.

David Thomas, Barratt Developments chief executive, said: “While there are clearly macroeconomic uncertainties ahead, the housing market remains robust, our forward order book is strong and we have the resilience and flexibility to react to changes in the operating environment.

“Our focus remains on addressing the UK’s housing shortage with the high-quality, energy-efficient, sustainable homes and developments which we pride ourselves on building.”