Housebuilder: Truss mini-budget bruised consumer confidence – and cost us sales
Property developer Crest Nicholson has reported shrinking sales amid “rapidly” falling consumer confidence and rising borrowing costs, following the September mini-budget.
The firm said its revenue fell by more than a fifth to £282.7 million in the six months to the end of April, from £364.3 million the prior year.
The decline reflected economic uncertainty and softer demand for homes weighing on the housing market, the company said.It also saw its adjusted pre-tax profit more than halve from £52.5 million to £20.9 million this year, which it said was worsened by cost inflation affecting construction.
Crest called on the UK Government to better support budding homeowners against rising borrowing costs, warning that if interest rates remain high it will start to impact buyer confidence again.