17th Sep 2013 07:24
LONDON (Alliance News) - Housebuilder Crest Nicholson Holdings PLC Tuesday said its sales have been boosted this year by the UK government's mortgage-support schemes, such as Help to Buy, to get first-time buyers back into the market.
In an interim management statement for the period between May and September, the firm said open-market reservations rates have increased 46% to 0.95 per outlet week, compared with 0.65 for the equivalent period in 2012.
Forward sales for 2014 increased 92% to GBP145 million, from GBP75 million last year, while cancellations rates have averaged 10.5%, compared with 15.8% in 2012. Crest said this reflected improving trading conditions.
Crest said it continues to benefit from the strong equity base established through the February initial public offering and has operated with moderate levels of borrowings.
Looking ahead, the firm said it expects to experience good trading conditions for the next few year, supported in part by government efforts to stimulate the housing market.
Furthermore, with a strong forward sales position, the focus of the business in the near-term will be on bringing through product delivery in a cost-efficient way, Crest said.
Crest shares were trading Tuesday morning at 342.71 pence, up 5.31p or 1.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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