THE chief executive of Miller Homes, Chris Endsor, has said the housebuilding giant has seen no impact from the Brexit vote on sales in Scotland, where it is targeting significant growth over the next three years.

Unveiling a 66 per cent surge in first half profits, Edinburgh-based Miller gave a reassuring update on the state of the housing market. It said sales had increased by 20 per cent since the June vote for the UK to leave the European Union in June compared with the same period last year.

Miller said it is too early to evaluate fully the implications of the EU referendum. Asked about the prospect that the Brexit vote could trigger a second vote on independence in Scotland, the company offered no comment saying it preferred to focus on running the business.

However, Mr Endsor said Miller is planning to make a big push for growth in which its Scottish business will feature prominently.

The company wants to grow annual output from 2,400 to 3,500 units over the next three years.

“Stick another 1,100 units on our volumes in the next three years and Scotland will play a significant part in that growth,” added Mr Endsor. “We’re very happy to continue investing in Scotland, it’s a market that’s important to us.”

Noting that Scotland accounts for around 25 per cent of group sales, Mr Endsor said the company expects the country's share to remain “in that neck of the woods” as the business grows.

Directors were very pleased with the performance of the business in Scotland in the first half.

Miller has focused on the Central Belt market between Glasgow and Edinburgh where the demand for family homes remains very strong.

The company has no operations in Aberdeen and has been spared the impact of the crude price downturn on the housing market in the area.

Miller achieved an average selling price of £250,000 in Scotland in the first half, compared with £222,000 in the UK.

The company has a strong land bank in Scotland where it has been able to offer bigger homes on average than south of the border.

Mr Endsor said Miller is confident about the long term prospects for the housing market in areas such as Scotland.

He believes that house price inflation in regional markets has been running at sustainable levels in recent years. The company has been recording single digit percentage increases in selling prices.

Mr Endsor noted Miller is not active in London and South East England, where the market has been booming, at least partly as a result of investors buying homes.

Asked if he had any concerns that the housing market could slump once the Bank of England raises the base interest rate from the current record low, he said lenders appeared to be behaving responsibly to ensure borrowers did not over extend themselves.

Houses are very affordable and demand for homes is likely to increase given demographic trends.

“The industry is cyclical but my view is we’re in for a long sustainable sensible period of growth in the housing market,” said Mr Endsor.

Miller Homes made £38m profit before tax in the six months to June, compared with £23m in the same period last year.

Revenues increased by 11 per cent annually, to £256m from £229.7m.

The company sold 1,104 homes, including around 300 in Scotland, against 1040 last time.

Mr Endsor said Miller Homes has no plans to revive the plans for a flotation which it shelved in October 2014 citing market volatility. It had hoped to raise around £140 million and be valued at £450m.

He said the business is well funded and has no need to float.

The firm is part of Miller Homes Group, known as Miller Group when it completed a restructuring in the wake of the downturn that started in 2008.

Control of the group passed from the founding Miller family to GSO Partners, part of private equity giant Blackstone Group.

Keith Miller of the founding family stepped down as group chief executive in March last year.

Members of the Miller family remain shareholders in the group. Other shareholders include Shackleton Capital Partners, Lloyds Banking Group and Noble Grossart investment bank.