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FTSE 100 housebuilder Taylor Wimpey boosted profits by a fifth in 2016 as it hailed a “robust” market for new homes.

Pre-tax profit was up 22 per cent to £733m in the year to December, boosted in part by an 11 per cent increase in the company’s UK average selling price to £255,000.

The group increased construction of new homes by 5 per cent, completing more than 14,000 houses and apartments in the UK and Spain.

“We have made a very good start to 2017 and are encouraged by robust trading and levels of demand,” Taylor Wimpey said.

“The UK housing market fundamentals remain good, with strong customer confidence in our core geographies. The market is underpinned by a competitive mortgage market and low interest rates.”

It added that the “risk of material impact from [the vote to leave the EU] in the short term has significantly reduced” as the market for new homes appeared resilient following the vote.

Shareholders will receive total dividends in 2017 of 13.8p a share, the company said. Rival Persimmon issued similarly positive results on Monday.

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