Crest Nicholson warns of further house price falls

Bath Riverside - Crest Nicholson + M&G

Housebuilding giant Crest Nicholson has warned of further slowdown in the housing market as it posted a more than 60% slump in half-year profit, as higher mortgage rates and broader economic worries dampened demand from buyers.

The FTSE 250 company’s adjusted pre-tax profit slumped to £20.9m for the six months to the end of April, down from £52.5m a year earlier.

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