Crest set to meet 2,500 homes target

Housebuilder Crest Nicholson said it should meet its target of selling 2,500 homes annually at least a year early after a summer of soaring demand.
By The Newsroom
Published 18th Sep 2013, 01:01 BST

The builder, which rejoined the stock market this year, said Government incentive schemes fuelled a 46 per cent annual surge in reservations between May and September, lifting forward sales for next year by 92 per cent.

The housing market has been inflated by schemes such as Help to Buy, which allows people to buy a new-build home with a five per cent deposit.

Hide Ad
Hide Ad

The Funding for Lending Scheme has also been credited with lowering the cost and boosting the availability of home loans.

However, Crest said the booming housing market is also forcing up some material prices and causing delivery delays.

Deliveries of bricks and blocks are being pushed back as manufacturers struggle to keep up with demand, forcing it to import materials from Europe.

Analysts expect this to drive up Crest’s build costs by two to three per cent next year. Crest said the squeeze should abate.

Related topics:Europe