Taylor Wimpey’s margins are likely to be hit this year as a result of higher build costs, the housebuilder told investors today.

Inflation was rising faster than expected as uncertainty around Brexit was leading some suppliers to stockpile materials in the event the UK crashes out of Europe without a deal, it said.

In a trading update ahead of its AGM today, Taylor Wimpey warned it had seen higher-than-expected cost inflation in early 2019, notably in materials, and now expected build cost inflation for 2019 to be around 5%.