Sainsbury's is also expected to abandon its policy of setting its interim dividend at 30 percent of the previous full year pay-out, with Markit predicting a 20 percent cut compared to the previous year.
Sainsbury's cut its 2014 sales forecast last week, with like-for-like sales in the second half of the year now expected to be similar to the first half. Speaking to CNBC, chief financial officer Mike Rogers said its dividend policy was "constantly under review".
"We are in the midst of a strategic review of the business—one out of which will be the dividend policy. We don't know yet. We will update the market come November," Rogers said last week.
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Meanwhile, dividends in homebuilders are "skyrocketing" as house prices in the U.K. have soared in the last 12 months and trading conditions have dramatically improved for the construction industry.
"We expect Bovis and Redrow to at least double their distributions. Our team is projecting hikes of between 67 percent and 86 percent for Bellway and Crest Nicholson," Markit said.
Financial services groups are also expected to post strong growth, while banks are expected to deliver 7 percent growth on average this financial year.