First-time-buyers and government policies boost Crest Nicholson performance
Investors in Crest Nicholson were cheered this morning as the company said that demand for new houses continues to be strong.
Ahead of the group’s AGM today, it issued a statement saying that total forward sales contributing to the current financial year were up 15 per cent at £620m.
It said: “Demand for new homes continues to be strong underpinned by high levels of employment and government policies to improve access to housing; levels of sales price inflation have moderated which is also helping to maintain affordability for purchasers.”
Last year the government announced a stamp duty cut for first-time buyers, which is set to increase the number of people buying their first home.
Like other housebuilders, Crest Nicholson has also benefited from the Help to Buy scheme, which the Prime Minister said last year would be extended to help more people onto the property ladder.
Shares climbed almost 0.7 per cent in early trading.
“The robust sales outlook, combined with the actions that the business is taking to expand its operational footprint, underpin the board’s confidence that the company will continue to deliver on its stated growth objectives,” the company added.
Read more: The government tried to have its cake and eat it with Help to Buy