Taylor Wimpey has launched an auction to sell its 拢824m-turnover North American housing division.

The 拢2.6bn-turnover housebuilder, which also has operations in Spain and Gibraltar, has begun the sale as part of its strategy to become a UK-only business within two years.

Its broker, JP Morgan Chase, has been appointed to lead the sale.

According to newspaper reports this week, the disposal could lead to a split in the North American division, which is made up of Taylor Morrison in the US and Monarch in Canada.

The move comes after the listed housebuilder secured agreement from its banks on a new 拢950m facility last week.

The company declined to comment.