National housebuilder Redrow has revealed profits of £254m for the year ending June 27, more than double that of the year before.

The business also reported revenues of £1.94bn for the same period, up 45 per cent from 2020. But this still remains eight per cent below 2019's figure of £2.11bn.

In the fiscal year, the housebuilder completed 5,620 homes and made £37m from land sales. It also added around 8,300 plots of land for its portfolio.

Redrow, who are building 100 new homes at Glevum Green off Escourt Road in Gloucester, said its "better than expected results" were driven by a strong order book and increase in demand from Help to Buy and the Stamp Duty Holiday.

It's order book for 2021 was £1.43bn, compared to £1.42bn in 2020 and £1.01bn in 2019. The company said house price inflation "was more than offsetting build cost increases", with the average sale price of a Redrow home rising two per cent to £338,500.

John Tutte, chairman of Redrow said: "The buoyant housing market has moderated in recent months and we anticipate sales rates will return to historically average rates over the course of the current financial year.

"It is on this basis we have planned for the future and we are confident our timely investment in land, combined with strong demand for our Heritage homes, will support our longer-term growth aspirations.

"Additionally, our record order book also provides us with an excellent platform for the future with over £1.3bn of revenue already secured for the current financial year.

"As a result, the business is well-placed to deliver another set of strong results."