Housebuilder Barratt Developments said wider economic fears and the lack of mortgage finance meant the market for new housing was still challenging as it reported a jump in profits.
House prices fell much faster than expected last month, according to a monthly survey from mortgage lender Nationwide, stoking concerns that the country could be headed for a double-dip recession.
Barratt said it would therefore continue to focus on prices rather than volume and would not reinstate dividends, unlike rivals Bovis and Persimmon.
For the year to end-June it reported operating profit of £90.1m, up from 34.2m one year ago.
Barratt had said in July it would report operating profit of at least 85 million pounds for the year thanks to a strong second-half performance.