David Wilson said the number of buyers reserving homes on its new estates was only slightly below target, despite a series of interest rate rises to calm the overheating property market.

Profits were up almost 29 per cent to £118 million, and the average David Wilson Home is now going for £211,900.

The firm’s just built two new estates off Wash Water, another on the former Newbury Riding School in Deadman’s Lane, and is about to start on 180 homes built on racecourse land off Stroud Green. It has also been cleared to increase the density on old Newbury College site in Oxford Road.

Chairman David Wilson said: “While interest rate rises undoubtedly had a calming effect on the market, we continued to sell strongly throughout the first half. We have raised our hurdle rates for land acquisitions and have managed our land bank to provide the ability to deliver significant volume growth over the next few years.”

He added: “I believe the strategy we have in place, combined with our ability to provide a “one-stop shop” across the development spectrum, enables us to cope with a return to more normal market conditions, and positions the business well for the future. We anticipate that full year results will be in line with expectations.”