Wednesday 17 October 2018

Crest Nicholson signals strong demand for houses

The group pointed to full year forward sales growth of 15% to £620 million.

Crest is seeing strong demand (PA)
Crest is seeing strong demand (PA)

By Ravender Sembhy, Press Association City Editor

Housebuilder Crest Nicholson is seeing good sales growth as demand for new homes remains strong and the property market continues to be supported by Government policies such as Help to Buy.

In a brief trading update ahead of its annual general meeting, the group pointed to full year forward sales growth of 15% to £620 million.

Chairman William Rucker said: “The board is pleased to report that the trading environment highlighted at the preliminary results announcement in January continues to be generally robust with good sales growth across our areas of operation.

“Demand for new homes continues to be strong underpinned by high levels of employment and Government policies to improve access to housing; levels of sales price inflation have moderated which is also helping to maintain affordability for purchasers.”

Crest has recently reduced its exposure to Central London where sales have slowed, and instead focused on land in “more affordable outer zones”.

To this end, the firm is expanding its Chiltern and Midlands divisions with the current number of sales outlets at 55, 12% higher compared to 2017 and further outlet openings planned over the coming months.

The housebuilder is targeting £1.4 billion in sales by next year and Crest said in January that despite the “challenges of affordability” and the impact of stamp duty changes, the “outlook for the UK housing market is strong”.

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