Aga Rangemaster, which manufactures the Middle England must-have product, warned on profits after recent orders fell 15 per cent below last year.

The group said: "We have increased market share but the market itself has been affected by the fall in the number of housing transactions and order levels have recently been significantly below last year."

This is set to leave second-half operating profits "appreciably below" the £9m seen in the first six months of 2008.

The 15 per cent decline represents a deepening of the slowdown reported two months ago when orders fell 5 per cent over the summer.

Sales of "big-ticket" items such as cookers, washing machines and fridge freezers are seen as most at threat from a property slump as fewer home sales reduces demand.

This has put pressure on a host of major retailers in the sector such as DSG International, which owns Currys and PC World.

Aga's cast-iron cooker sales have slowed amid consumer caution despite interest in the product, although it has had some success in getting existing customers to trade up to better models.

Orders of the Rayburn model - which allows people to heat their homes as well as cook - were flat, although the company believes the range has "good prospects" as consumers focus on heating bills and low running costs.

Its wood-burning cookers and stoves have also performed strongly as customers hit by soaring gas and electricity bills this year look to make savings.

Chief executive William McGrath said: "Consumer markets are clearly weak and the impact of the macro-economic environment is being felt."

But he added: "We are particularly encouraged with the sales of wood burning cookers and stoves as we see the customer taking a more proactive economical and environmental position in the home."

The firm is making £6 million in savings to cope with the tighter consumer environment, including the relocation of its headquarters to the Rangemaster distribution centre in Leamington Spa.

The group, which sold its foodservice arm for £265m last year, makes its flagship Aga ovens at a manufacturing operation at Coalbrookdale near Telford, while Rangemaster products are made at Leamington Spa.