Housebuilder Crest Nicholson warns of annual loss in ‘subdued’ property market
Crest Nicholson, the UK housebuilder, said the weak property market will likely lead to an annual loss. For the financial year ending 31 October, the company now expects to finish between 1,350 and 1,400 homes, below its earlier target. The reduced output reflects slower demand, tighter credit conditions, and rising construction costs.