Crest Nicholson to build fewer low-margin homes after profit hit
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Housebuilder Crest Nicholson is to focus less on building low-margin homes, like affordable housing, as it seeks to combat a slump in profits. Chief executive Martyn Clark promised “a year of transition” for the company, adding: “We will focus more on private sales and prioritise value over volume to enhance returns and margins.” Crest Nicholson forecast that annual profit for its most recent financial year, which ended in October, will be at the lower end of previous forecasts. Labour has said it wants to build 1.5 million new homes in five years, a target which real estate group Savills recently warned it would miss without more grant funding for affordable homes. Crest Nicholson said it built 1,873 homes this year and that about 45% of them were classed as affordable or designed for private renters, less than the Government’s target of half.
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