Taylor Wimpey said it achieved a net private sales rate of 0.74 homes per outlet per week for the year-to-date, compared to 0.95 a year previously.

But that fell to 0.51 homes per outlet per week in the second half in the year-to-date, “reflecting customer response to heightened levels of economic uncertainty”.

The cancellation rate also rose sharply, and now sits at 24% compared to 14% a year earlier.

The current total order book was £2.6B, down from £2.8B a year ago, with an order book of 9,153 homes compared to 10,643 in 2021.

The company said it was closely monitoring the market and lead indicators and has acted decisively and proactively to mitigate risk with further increased cost and management controls.

“We have a strong balance sheet and are highly cash generative,” the group said, estimating it would end the year with a net cash position of around £800mln.

“While sales rates have been impacted by wider economic uncertainty, we continue to see good levels of customer interest in our homes and a desire to get onto or move up the housing ladder,” said Jennie Daly, CEO, Taylor Wimpey.

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