HOUSE builder Crest Nicholson issued a profit warning yesterday as economic uncertainties and interest rate hikes fuel a market-wide slowdown.
The firm said trading across the sector had worsened over the summer.
"While pricing has remained resilient in a market with limited supply and few distressed sellers, the economic uncertainty is deterring prospective home movers, Crest Nicholson said in a trading update, which prompted a sharp fall in its share price.
Soaring mortgage rates had made buying a home, especially for first-time buyers, "significantly more expensive" it added, particularly since the withdrawal of the Government's Help to Buy scheme.
It went on: "Although overall inflation is encouragingly starting to fall, core inflation and wage inflation both remain&nbsp;high with further interest rate rises forecast over the coming months.
As a result, the company downgraded its profit expectation for the year ending October 31 to &pound;50million, from &pound;73.7million previously.
Separate figures from online property company Rightmove said house prices were sliding as sellers become more realistic about what they can expect to get.
Russ Mould, investment director at City firm AJ Bell, said: "Crest Nicholson's profit warning has laid bare the scale of the impact of a housing slowdown."

House market woes hit home

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