Homebuilder Pulls Out of ‘Challenged’ Central London Market
- Company looks to exit high-priced central London homes
- Crest Nicholson leads decline across U.K. homebuilder shares
A construction worker looks toward a skyscraper in London.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Crest Nicholson Holdings Plc dropped a sales target for next year and said it will exit central London, as the slowdown in the U.K. capital’s housing market starts to hit homebuilders.
The company plans to pull out over the next 18 months amid a “challenged” market for homes valued at more than 1 million pounds ($1.3 million), it said Tuesday, as it scrapped a goal to generate 1.4 billion pounds of revenue for 2019. The shares fell as much as 7.5 percent, leading home builders lower.