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Taylor Woodrow and George Wimpey have agreed to merge, creating the UK's largest housebuilder.

The new company, to be known as Taylor Wimpey, is projected to have revenue of more than £6.7 billion and complete more than 22,000 new houses in the UK every year.

And the group will also aim to finish 9,000 construction projects in the US, focusing on its enterprises in Florida, California, Arizona and Texas.

Bosses on both sides of the proposed merger estimate that £10 million in efficiency savings will be achieved this year, including a one-off cost of £60 million.

Wimpey chief executive Peter Redfern will perform the same role for the new company, of which Taylor Woodrow shareholders will hold a 51 per cent stake.

Norman Askew, chairman of Taylor Woodrow, today said: "This merger provides both businesses with a unique opportunity to combine their respective strengths to create the largest UK housebuilder with a much improved position in the US, taking advantage of its medium and long term growth prospects."

His opposite number John Robinson meanwhile added that the union would "presents exciting opportunities to our shareholders and employees alike".