In a shareholder update today, Taylor Wimpey chief executive Jennie Daly said market conditions were “challenging” and “impacted by uncertainty ahead of the upcoming UK Budget and continued affordability pressures”.

Taylor Wimpey’s sales have slowed, with a 0.63 net private sales rate per outlet per week between 30 June and 9 November, a fall from 0.71 during the same period last year.

Daly added: “We welcome the Government’s planning reforms, and we hope to see continued momentum to enable the supply of much needed new homes across the UK as focus moves to the implementation phase.

“However, the government’s housing ambitions, and the significant economic and social benefits of increased housing supply can only be unlocked by effective demand, particularly for affordability constrained first-time buyers.”

The housebuilder expects to finish 10,400 to 10,800 homes in 2025, not including joint ventures.

The firm said it was still set to deliver an annual operating profit of £424million, including joint ventures.

Housing secretary Steve Reed remains confident the government can deliver 1.5million new homes by the end of its parliament.

Speaking to a select committee yesterday, Reed also said the government was investigating building extra new towns to help meet housing demand.