Crest Nicholson warns of annual loss as UK property market stays subdued

British housebuilder Crest Nicholson has warned of an annual loss, citing a "subdued" property market, and expects to complete fewer homes than previously forecast in the year to 31 October. The company now projects an operating loss of about £10m, reversing an earlier profit forecast of £5m to £10m, and cut its home completion estimate to between 1,350 and 1,400 units. It cited affordability constraints and competitive pricing as dragging down demand, marking its third profit warning since April. Crest shares plunged over 10% on Thursday morning. The firm has closed one divisional office and cut 50 jobs, while building material prices remain 3% to 4% higher on average. It is renegotiating banking covenants with lenders, describing talks as constructive but slower than expected.