Crest Nicholson said deals in this period were impacted by last September’s mini-budget, when mortgage rates spiked and lenders pulled hundreds of deals.
This led to a “rapid drop in consumer confidence” that “translated immediately into weak demand in the housing market,” the report said.
Revenue for the six-month period fell to £282.7m, down 22.4% on the same period last year, while pre-tax profit fell 60% to £20.9m.
Despite the poor start, the builder said buyer confidence was starting to return.
However, it said higher mortgage rates and the end of help-to-buy were preventing some first-home buyers from entering the housing ladder.
“If interest rates continue to rise and remain elevated for an extended period of time, this will undoubtedly further exacerbate the problem and begin to affect demand and confidence again,” it said.
“We continue to call on the government to recognize this challenge and provide further support to these would-be homeowners.”