But despite signs of improved sales during the Spring selling season, total forward sales in mid-April were still 29% down year on year.

In a trading update this morning, Barratt revealed, construction activity has been adjusted to the slower trading backdrop with 303 equivalent homes built per average week, 16% down on the 359 build rate achieved in the same period last year.

Reservation rates in the last 12 weeks have edged up to 0.71, compared with 0.93 the same time last year but are much improved from the January low of 0.3.

David Thomas, chief executive said: “In February we reported early signs of recovery in our reservation rates following the exceptionally challenging trading conditions experienced at the end of 2022.

“While the economic backdrop remains difficult, we are pleased that more positive sales rates have been maintained through this period and we are now fully forward sold for FY23.”

He said that build cost inflation would be around 9% to 10% for the year to the end June, but added Barratt expected to see this fall steeply in the year ahead to around 5%.

Reflecting the recovery in reservations, Barratt expects total home completions will be between 16,500 and 17,000 homes by year-end in June, compared to 17,908 at the end of 2022.