ON CREST OF A SLOWDOWN

Housebuilder Crest Nicholson has blamed Brexit after being forced to issue a profit warning yesterday.

The firm – which focuses on London and the South East – said political uncertainties were putting off buyers during the traditional strong autumn selling season.

It warned that annual profits would be between £170million and £190m, down from the £207m achieved last year.

Crest’s shares tumbled more than 8%, sparking big falls for other housebuilders.

Executive chairman Stephen Stone said: “The usual autumn pick-up in sales volumes has not been evident during September and October.”

However, its rival Barratt Developments shrugged off Brexit concerns, insisting there was still strong buyer demand.

The firm, Britain’s biggest housebuilder, said it was still doing well, helped by cheap mortgage deals.