London-based housebuilder Crest Nicholson warns annual profit to fall by a third due to housing market challenges, property sales dip, and high mortgage rates.
Crest Nicholson, a London-based housebuilder, has warned that its annual profit will fall by about a third due to ongoing challenges in the housing market. The company revealed that property sales have dipped since Easter after the Bank of England postponed the base interest rate cut. This, coupled with high mortgage rates and a difficult winter period, has resulted in an 88% drop in half-year profits to £2.6 million for the six months leading up to April 30. Crest Nicholson now anticipates an annual profit between £22 million and £29 million, down from earlier expectations of around £38 million.
June 13, 2024
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