Barratt Redrow insisted it remained on track to meet full-year targets on Tuesday, despite consumer uncertainty and still-high mortgage rates weighing on demand.
Updating on trading for the year to 29 June, the blue chip housebuilder - which was formed at the end of last year, when Barratt Developments Plc acquired Redrow in a £2.5bn deal - said it had been a "solid performance" against a "challenging" market backdrop.
Total home completions were 16,565, compared to 14,004 at Redrow or 17,972 on an aggregated basis a year previously.
David Thomas, chief executive, acknowledged that there had been fewer international and investor completions than expected in the London businesses.
But he said cost savings from the takeover were ahead of schedule, and the enlarged group remained on track to meet consensus for adjusted pre-tax profits of £582.6m.
Net private reservations per active sales outlook per week were 0.64, against an aggregated 0.55 rate a year earlier.
Thomas continued: "We are already seeing tangible benefits from the Redrow acquisition, with cost synergies being delivered ahead of schedule, a new divisional structure in place and revenue synergies progressing well.
"Although demand during the year has been impacted by consumer caution and mortgage rates not falling as quickly as hoped, there remains a long-term structural under-supply of housing in this country."
Looking to the current year, the firm warned that homebuyer confidence remained "fragile" and total home completions would therefore likely be down year-on-year, in the range of 17,200 to 17,800.
However, it insisted: "We are executing the integration of Redrow at pace, we have a strong balance sheet and a solid forward sales position, and we believe we are well positioned as we enter the 2026 full year."
Barratt Redrow is due to post full-year numbers on 17 September.