Crest Nicholson profits ahead of forecasts, boosted by pandemic housing boom

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TSE 250 housebuilder Crest Nicholson has hailed “strong” sale rates, as the high demand for properties seen during the pandemic remains in place.

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The firm said that forward order buyers have committed to stand in 2,502 homes as on November 12, up from 2,330 a year ago when the purchase had the benefit of using stamp duty holiday. That support ended at the end of September 2021.

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Several firms have benefited from people re-evaluating housing needs during the lockdown, with many demanding more space to work at home.

Pre-tax profit for the year to October 2021 will be “modest” from analysts’ expectation of £101.2 million.

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The company said it remains “active” in the land market. It aims to build 3,000 houses by the end of 2024 and over 4,200 by the end of 2026.

Peter Truscott, CEO of Crest Nicholson, said: “While the business environment remains strong, it has been a challenging operating environment for our region as we emerge from the pandemic, with disruptions to supply chains and the availability of materials.”

But he said it has helped his team “navigate our way through these issues.”

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