Shares in the FTSE 250 firm fell by as much as 12% after it revealed it made a £30.9 million loss in the six months to 30 April, as revenue fell by 9%. The interim dividend has been cut by 82% to just 1p. Completions were down by 12% to 794.
After rising interest rates hit the sector in 2023, housebuilders had hoped to see an improvement in demand starting in the middle of this year, as rates started to come down.
Instead, the expected date of the first interest rate cut has been repeatedly pushed back, with City markets now suggesting it might not come until the autumn. This has pushed mortgage rates back up — with the average price of a two-year fixed-rate deal now near 6%, according to Moneyfacts — and “softened” demand for Crest’s homes.
High wage growth and inflation in the services sector have encouraged the Bank of England to keep its interest rates at 14-year highs.
Bu hikaye Evening Standard dergisinin June 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Evening Standard dergisinin June 13, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Are you ready for medieval-core?
No one was more surprised than medieval armourer Matthew Finchen.
Worth the wait This is a beautifully written triumph
Chimamanda Ngozi Adichie's first novel since 2013's Americanah is a winner
Low-budget indie film Anora wins big at the Oscars
“The more Hollywood changes, the more it remains the same,” writes Ty Burr.
Forget the Trump noisepeace could now be possible
There's much to fixate on, but it's best to judge the President on the substance
Is it the final call for the Heathrow villagers?
Life with the residents whose homes could be destroyed if a third runway touches down
The Fat Badger, London's first invite-only pub
A riotously fun boozer that doesn't officially exist? No wonder celebs are secretly flocking here
Marlon James on why Kingston is Jamaica's beating cultural heart
Whether it’s parties, patties or patois, this Caribbean capital is a non-stop celebration, says the Booker Prize-winning author
The London socialite. His aristocrat killer. And a mother's search for justice
The brutal, ketamine-fuelled killing of a public schoolboy shocked the world. In our new true-crime podcast, we tell the real story
“Last year's Festival was brutal, but we're ready to put it right”
The Guinness Village is, to Cheltenham racegoers, something of a field of dreams.
Me, Marrakech and I: How to ace a solo female trip
I first visited Marrakech with my then-boyfriend in 2004, when I spent my days getting lost in the labyrinthine souks and witnessing snake charmers hypnotise cobras. Over 20 years later, I decided to see how it fared for females going it alone.
