Steve Morgan, the founder and boss of Redrow, will retire from the group’s board at the end of March 2019.

John Tutte, the housebuilding company’s chief executive, will replace Morgan as the executive chairman.

Morgan will remain a major shareholder in the group.

In a separate statement, the group also said that the group traded in line with expectations.

“For the first 18 weeks of the current financial year, Redrow has traded in line with expectations,” said Morgan.

“We continue to see good demand in our regional businesses with most sites sold well in advance. However, the London sales market has remained subdued affected by excessively high Stamp Duty tax and Brexit uncertainty.”

The new Help to Buy scheme has helped enable the purchase of almost 170,000 properties.

In early morning trading, Redrow (LON: RDW) shares fell 0.2% lower at 564p. Shares are currently trading -1.29% (1030GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.