Vistry, Britain’s largest home builder by output, said on Wednesday that market conditions for the current fiscal year remained uncertain, and also reiterated its 2024 earnings forecast.

The pace of recovery in the British housing sector is under scrutiny, as a slower-than-expected reduction in interest rates hampers affordability, while rising build-cost inflation continues to put pressure on the market.

FTSE 100 hits two-week high in new year trade

The FTSE 100 builder, which generates majority of its sales through partnerships with local authorities, housing associations and government providers, said the outcome of the UK government’s spending review and the transition to a new Affordable Homes Programme would be crucial in driving momentum in both open and partner-funded markets.