Barratt Developments has reported an autumn slowdown in house reservations as economic uncertainty continues to weigh on buyers.
Net private reservations per active site stood at 0.45 compared with 0.55 in the period a year ago, as buyers took longer to commit.
The company said last month's spending review had drained some confidence from the market.
Chief executive Mark Clare said: "Whilst the autumn selling season has been weaker than anticipated, our encouraging performance on price is expected to drive margin growth for the year.”
Barratt, Britain's fourth-largest housebuilder by market value, said the total average selling price on completions rose 9% to £180,000 between July 1 and November 14