The watchdog said this week it has found evidence during the study which indicated some housebuilders may have breached competition law, which could be influencing the build-out of sites and the prices of new homes.

An investigation under the Competition Act 1998 has been launched into Barratt Developments, Bellway, Berkeley, Bloor Homes, Persimmon, Redrow, Taylor Wimpey, and Vistry Group.

Announcing year-end results today, Taylor Wimpey said: “Taylor Wimpey welcomes the CMA’s final report, published on 26 February 2024, from its housebuilding market study with its focus on improving the planning system, adoption of amenities and outcomes for house buyers. Taylor Wimpey notes the new investigation opened by the CMA under the Competition Act 1998, and we will cooperate fully in relation to this.”

Elsewhere in the results, the housebuilder said it has seen some “encouraging signs of improvement” in recent weeks despite revealing that profits had almost halved last year.

Last year’s revenue fell 20% to £3.5bn, with pre-tax profit down to £474m from £828m in 2022.

Group completions, including joint ventures, fell from 14,154 last year to just 10,848, while net private sales rate for the year reached 0.62 homes per outlet per week (2022: 0.68).

Jennie Daly, chief executive, said: “We delivered a good full year performance in line with expectations despite a challenging market, benefiting from our sharp operational focus, the quality of our homes and locations and a continued proactive sales effort. I would like to thank all our teams and supply chain partners for their ongoing hard work and commitment.

“It is still early in the year and the macroeconomic backdrop remains uncertain, however it is encouraging to see some signs of improvement in the market, with reduced mortgage rates positively impacting affordability and customer confidence.

“While the planning environment remains challenging, we have a high-quality, well-invested landbank and a strong financial position which underpins our ability to provide investors with a reliable income stream via our differentiated Ordinary Dividend Policy. Looking ahead we are well-positioned in an attractive market, with significant underlying demand for our quality homes and are poised for growth from 2025, assuming supportive market conditions.”