Housebuilder to slash jobs and shut operations as it warns over Budget

Core Viewpoint - Crest Nicholson is facing significant challenges due to Budget uncertainty, leading to job cuts and operational closures as the housing market experiences subdued demand [1][2][4]. Company Performance - Crest Nicholson built 1,691 homes in its 2025 financial year, which is at the lower end of its target range of 1,700 to 1,900 homes [1][6]. - The company anticipates profits to be "marginally below" the guidance range of £28 million to £38 million for the 2025 financial year [4]. Market Impact - The company's market value decreased by nearly £51 million, with shares falling by as much as 12% in early trading [3]. - Budget uncertainty has reportedly "wiped out the autumn selling season," a critical period for housebuilders, according to housing analysts [2]. Strategic Adjustments - Crest Nicholson is preparing to close one of its regional offices, putting around 50 jobs at risk [1]. - The company is also reducing its land bank to ensure it aligns with current business needs [6]. Industry Context - Other major housebuilders, including Barratt Redrow and Taylor Wimpey, have also indicated that prolonged Budget uncertainty is negatively impacting demand [4]. - Speculation exists regarding potential new taxes targeting property wealth in the upcoming Budget, which could further affect the housing market [5]. Leadership and Future Outlook - The CEO of Crest Nicholson, Martyn Clark, is leading a turnaround strategy for the company, which is in its early stages [8]. - Analysts believe that while current market conditions are challenging, there is potential for future improvement as the government seeks to stimulate new housing supply [8].