it is cheaper I think but the amount they save will be tiny as the chipset needs to be gigabit capable for just that one port. My guess is the savings are probably under £1, maybe £2 at absolute maximum. BT are not unknown to skimp and save everywhere possible, and this shouts of that.
The practical use of it is stupid tho, so a switch with just 1 gigabit port is essentially a 100mbit switch, this leaves its use for FTTP infinity, which allows 1 machine only to get above 100mbit speeds.
I have seen one commercial router do something similiar, I believe the fritz 7360 has 2 100 ports and 2 gigabit. However my guess is that wasnt done to save costs but more so to make people pick the 7390 over it, in other words to deliberatly make it worse than a higher cost model. Of course the homehub doesnt have a higher cost model, BT just ship one version, so to me its a very silly design fault.