The boom in completions in the year to June saw Redrow hire more than 230 directly employed staff, boosting its overall headcount by 21% to 1,346.

A 13% rise in average selling price to £239,500, helped to lift turnover 43% to a record £864.5m and deliver record pre-tax profits for the group, nearly double that of the previous year at £132.6m.

As a result operating margin soared from 12% last time to 16% in 2014.

In November, Redrow celebrates 40 years since chairman Steve Morgan founded the business.

Since coming back from retirement five years ago he has presided over a 186% rise in turnover while large losses have become record profits.

The workforce has doubled and Redrow has regained its reputation as a ‘premium’ homebuilder with the Heritage Collection.

Morgan said: “While this is clear evidence of the success of our strategy it also shows the positive impact of the Government’s Help to Buy Scheme.

During the year 1,023 of Redrow’s private legal completions were under the Help to Buy scheme with over half in the north of England.

Morgan added: “Market conditions have returned to a more seasonal pattern of activity.

“We have substantially increased our land bank, which should see a good growth in the number of outlets during the year.  This, combined with our strong order book, leaves me confident that the group will see another year of significant progress.”

He added that material and trade shortages drove like-for-like build cost increases of around 5% over the year.

Redrow’s London division made its first significant contribution, generating £124m of revenue in the year from 293 completions.

To further expand its presence in the south Redrow opened a new Southern Counties division based in Camberley at the start of the financial year.

In July is opened a new West Country division operating from an office in Exeter to capitalise on the exceptional growth achieved in the South West.

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