Last month the housebuilder announced its intention to raise around £140 million by selling off at least 40 per cent of the company on the open market.

Since then, almost £100bn has been wiped off the value of leading shares and on Thursday the FTSE 100 fell to its lowest level since December.

Miller had planned to use the cash to reduce debt and increase flexibility.

Miller Homes said the shareholders of Miller Group have elected not to proceed at this time with aninitial public offering (IPO).

“The shareholders are excited to support Miller Homes in its next phase of growth as the company builds upon the momentum evidenced in its recent operational and financial results,” Miller Homes said in a statement.

Miller, founded in Edinburgh in 1934 before expanding south into England, had last week revealed plans to raise about GBP140 million in gross proceeds by going public. The money had been earmarked to reduce debt and take advantage of future growth opportunities.