Cheap loans keep boosting builder

CREST Nicholson has shrugged off concerns that political uncertainty in the wake of the general election will harm the housing market.

The housebuilder said record levels of employment, cheap mortgages and the Government’s Help to Buy mortgage support scheme will continue to prop up demand for new homes.

‘The outcome of the general election may introduce some uncertainty in the short term but we expect the new build housing market to remain robust,’ said chief executive Stephen Stone. His comments came as Crest posted a 3pc rise in half-year revenues to £419.7m and a 5pc rise in profits to £76.2m.

The company sold 1,064 new homes in the six months to the end of April, down from 1,206 in the same period last year, and average selling prices jumped 12pc to £418,000. Crest raised its interim dividend to 11.2p a share, from 9.1p last year, but the stock was flat at 585p.