Redfern will leave the business once a suitable replacement has been found.

Taylor Wimpey said is has a “robust succession plan in place” and the recruitment process is advanced with a selection process considering both internal and external candidates.

Chairman Irene Dorner said:  “Pete has made an invaluable contribution to the business during his almost 15 years as CEO, including having successfully led the company through a global financial crisis and the recent pandemic.

“Pete has led a management team which has overseen the transformation of Taylor Wimpey into one of the largest housebuilders in the UK, with an industry leading landbank, a strong financial position and a clear and deliverable strategy for profitable growth. In addition, Pete will leave the business with a strong and differentiated culture he can be proud of creating.”

Redfern added: “It has been a privilege to work at Taylor Wimpey for the last two decades and to lead a business of which I am so proud, working with so many exceptional people both within the business and through our partnerships.

“The business is in excellent health and is well positioned for strong future growth. Accordingly, I am confident that now is the right time for fresh leadership as Taylor Wimpey starts the next chapter.

“Last year, having significantly increased our land buying to take advantage of land market opportunities, we have grown our landbank and set a clear path to deliver strong growth and returns over the coming years.

“I am extremely proud that Taylor Wimpey is a five-star home builder for customer service, with the highest construction quality scores in the volume house building industry and outstanding employee engagement.

“I would like to thank everyone at Taylor Wimpey for their past, current and future support.”