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Crest Nicholson said trading during this period had been hit by the fallout from September’s mini-budget last year, when mortgage rates jumped and lenders withdrew hundreds of deals.<\/p>\n
This led to “rapidly falling consumer confidence” and “immediately translated into softer demand in the housing market”, it said.<\/p>\n
Revenues for the six month period fell to \u00a3282.7m, down 22.4% from a year earlier, while pre-tax profits sank 60% to \u00a320.9m.<\/p>\n
Despite the poor start, the builder said confidence among buyers had started to return.<\/p>\n
However, it said that higher mortgage rates and the end of Help to Buy were preventing some first-time buyers from getting on the housing ladder.<\/p>\n
“If interest rates continue to rise, and remain elevated for a sustained period of time, this will undoubtedly exacerbate this issue even further and start to impact demand and confidence again,” it said.<\/p>\n
“We continue to call on government to recognise this challenge and provide further support to these potential homeowners.”<\/p>\n<\/div>\n