Mortgage News
Crest Nicholson home sales dip 4% – results
Housebuilder Crest Nicholson has reported that residential sales achieved to date and those sold for the rest of the year fell by four per cent, standing at £715m down from £745m last year.
Total residential forward sales at £500.5m are 11 per cent ahead of the same period last year, when they stood at £450.8m.
The builder said sales per outlet week (SPOW) remained resilient in the six months ended 30 April 2019, standing at 0.78.
It noted that strong levels of employment and low interest rates, combined with good mortgage access and the government Help to Buy scheme, were continuing to support many purchasers, adding that it was a “robust environment for the housing market.”
Overall, total sales achieved to date and those sold for the rest of the year, including commercial and from joint ventures, stand at £792m, up 4.2% from £760m in the same period last year.
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Net debt and land creditors were reduced by £40.9m, while earnings and dividend guidance remained unchanged.
Chris Tinker, interim chief executive, said the group had made good progress in implementing its strategy in the first half of the year.
He added: “Improved forward sales in residential, commercial and land, and increased outlet breadth, provide a good platform as we enter into the second half of 2019.
“We welcome the government’s increased grant funding and focus on delivering a broader tenure mix. As a consequence, we will continue to grow our partnerships with registered providers who are playing an increasingly important role in the diversification of tenures.”