Figures for the year to 31 December 2021 for the housebuilder revealed turnover was £4.28 billion after a fall to £2.8bn in 2020.

Taylor Wimpey’s pre-tax profit increased 157% to £679.6 million, but remains some way off the £835.9m recorded in 2019.

Outgoing chief executive Pete Redfern said the building sector got “back to normal” faster than other industries and was now seeing the results.

He added: “I am very pleased with our operational, financial and customer service performance in 2021. Demand for our homes remains strong and we continued to drive significant margin improvement in 2021, as we optimise selling prices and maintain our strong focus on cost efficiency.

“While we recognise the challenging geopolitical, macro-economic and regulatory environment, we remain confident of delivering modest growth in completions in 2022 and of making further progress towards our operating margin target.

“With the opportunistic purchase of additional land over the last 18 months, our land pipeline leaves us well placed to accelerate high-quality, profitable volume delivery from 2023, generating additional value and compelling investor returns.”

Mr Redfern is stepping down from the company after 14 years in April, to be replaced by current group operations director Jennie Daly.