Barratt Redrow has delivered what it described a "resilient performance" in the first third of its financial year, despite "challenging market conditions" and increased uncertainty ahead of the Budget.

In the 17 weeks to 26 October, the housebuilder said its net private reservation rate per week dropped slightly third-on-third from 0.59 to 0.57, although it stated there was no contribution from sales to the private rental sector or other multi-unit sales.

In this period, Barratt Redrow generated 228 net private reservations per week, including joint ventures, compared to 255 in the last full financial year.

Furthermore, its forward order book stood at 10,669 homes, compared to 10,706 in the previous year, although the value increased by £75m to £3.28m.

Barratt Redrow’s home completions in the 17 weeks totalled 3,665, which was 7.9% ahead of its comparable period total of 3,396 homes.

Chief executive at Barratt Redrow, David Thomas, said: "We have delivered a resilient performance over the period despite challenging market conditions and increased uncertainty ahead of the November Budget. In the long term, the fundamentals of UK housing demand are unchanged, and Barratt Redrow is uniquely well positioned with three strong consumer brands, a high quality land bank, and the financial strength to invest through the cycle.

“We remain focused on operational excellence as we target sustainable growth over the medium term to reach 22,000 home completions per year. In the meantime, it is essential that government policy continues to prioritise planning reform, removes barriers to investment and, crucially, supports homebuyers, especially first-time buyers, if the sector is to accelerate volumes to help meet the country's housing needs."

In its outlook, the firm said it remains on track to deliver £100m of cost synergies with conformed synergies now at £80m, compared to £69m as of 29 June.

It added that its expectations to deliver between 17,200 and 17,800 homes in the current financial year remain unchanged.

Head of property research at Quilter Cheviot, Oli Creasey, said that while Barratt Redrow’s latest results are not too different from last year, the update is not a bad outcome for the group.

He concluded: "Today's trading statement from Barratt Redrow shows limited change from last year, with trading conditions described by the group as 'challenging', with management also noting increased uncertainty ahead of the November Budget.

"Management remarked that it is encouraged by the Government's focus on housebuilding, but notes that the sector needs action to support demand as well as planning changes that mostly improve supply. This feels like a call for Help to Buy or similar to be brought back into the equation."

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