Revenue also fell from £4,419.9m to £3,514.5m in 2023, representing a 20.5% slump. 

Jennie Daly, CEO at Taylor Wimpey, commented: “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.

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“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.”