Building shares on the back foot

HOUSEBUILDERS Barratt Developments and Crest Nicholson insist demand is strong despite a flagging London market.

But shares in the pair slipped as investors remained unconvinced, with Crest’s stock down 4.4pc.

Barratt – the UK’s largest housebuilder – said it had seen a ‘strong start’ to its financial year, with forward sales up 8.4pc at £2.9bn.

It said: ‘High employment and low interest rates, combined with good mortgage access and the Help to Buy scheme, underpin demand for new housing and continue to help many purchasers.’

Crest said average prices rose 5.4pc over the year to October 31 to £391,000, while it completed 2,935 homes – up 2.3pc.