Housebuilder Crest Nicholson pointed to "signs of resilience" when it last presented results in January, but the mood has worsened markedly since then.
Mortgage approvals are down, while prices have come under pressure as interests have started to rise sharply.
In light of that, UBS says the outlook statement will be the focus of the interim results next week.
The Swiss broker predicts half-year sales of £326mln, down from £364mln a year ago, with underlying profits (EBIT) to fall to £41mln from £55mln.
For the full year, the consensus currently is for revenues of £741mln and pre-tax profits of £74mln including one-offs and any change to that especially downwards might set more alarm bells ringing.
Shares have recovered to 248p from 172p since October last year but have marked time in 2023.