Vistry has reported a 12% drop in completions as it has battled in recent weeks to maintain sales following increases in mortgage rates.

The housebuilder, in a trading update for the six months to 30 June, reported 2,847 completions, down from 3,219 the previous year, when taking into account the group’s acquisition of Countryside.

Vistry said it has seen a slowdown in its open market sales in recent weeks since the Bank of England’s raised the interest rate to 5% on 22 June.

It said its housebuilding and partnership arms are mitigating this through bulk transactions with housing associations and local authorities.