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Crest Nicholson warns over election uncertainty

Crest Nicholson has warned that the outcome of the general election has added to the uncertainty in the housing market following the EU referendum last year.

The housebuilder’s half-year results showed a modest rise in revenue, which climbed 3 per cent to £219.7m, with an operating margin of 19.1 per cent. The housebuilder stated that it believed the housing market was in robust health, though uncertainty could have an impact on the market in the short term.

In a trading update, Crest Nicholson said: “The outcome of the general election may introduce some uncertainty in the short term but we expect the new-build housing market to remain robust.

“Strong levels of employment, low interest rates and good mortgage access – including through the Help to Buy Scheme – should all contribute to a sustainable new-build housing market.”

The housebuilder reported a gross profit of £110.4m for the six months to April 30, with profit of £62.1m after tax.

Crest Nicholson chief executive Stephen Stone said: “Crest Nicholson has delivered solid foundations for another year of growth in the first half of 2017. We have taken the first steps to establish a new division in the Midlands, increased outlets, built momentum in 2017 forward sales and pursued disciplined expansion of the land pipeline.”

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