Vistry Group has built hundreds fewer homes for private sale in the first six months of the year.
It completed 2,847 homes in the six months to 30 June, down from 3,219 in the same period a year earlier, or 22% on a pro forma basis.
The FTSE 250-listed housebuilder has retained its annual profit forecast of more than £450m, citing resilient demand in its partnerships division.