Shares in Henry Boot have hit a 13-year low after the property investment and development firm recorded lower transaction volumes across its markets.

The Sheffield-headquartered housebuilder stated that, further to its trading update on 21 May, macroeconomic uncertainty remains elevated, with domestic political uncertainty and the Middle East conflict continuing to weigh on consumer and business confidence.

In the six months to 30 June, its Hallam Land division sold 556 plots, compared with 1,222 in the previous year.

It added that a number of homebuilders have changed their land strategy, slowing acquisition activity, and resulting in transaction delays and an increased use of deferred payment terms.

As a result, Henry Boot expects its plot sales to be "materially below" the prior year.

Its HBD division continues to experience good occupier demand in its industrial and logistics developments, with its Stonebridge Homes brand’s private sales prices landing in line with expectations.

In its outlook, the firm said that market conditions remain challenging and whilst it expects improvements in the second half of the year, its profit before tax is set to be "significantly below current market expectations", which is projected to be £20.4m.

However, Henry Boot stated that it remains focused on cash generation and disciplined cost control, but it will not prioritise short-term performance at the expense of future returns.

The firm will announce its interim results for H1 on 22 September.

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