Housebuilder hits £1bn target despite referendum knock

Despite suffering a loss in the weeks surrounding the EU referendum, housebuilder Crest Nicholson has hit its sales target of £1 billion.

A rise in the number of buyers abandoning purchases in the period leading up to, as well as after June’s vote, cost the business £40 million according to the chief executive, Stephen Stone.

However, increased mortgage availability and a strong jobs market led to demand to return the following month, meaning the firm could reach its target.

Mr Stone commented that “This demonstrates how robust the UK housing market is.”

It was recently reported that by the end of the decade, the company is expected to substantially increase the number of homes built, with an annual target of 4,000.

For a 12 month period ending on 31 October 2016, 2,870 homes were built by the company, a growth of 5% compared with the previous 12 months. For its pipeline of land, gross development value rose by 2% to £10.6 billion.

Mr Stone went on to mention the forecasted figures for the company, stating that: “We’ve set a target for the next three years of 30pc growth in volume and growing revenue from £1bn to £1.4bn.”

He also stated that he was confident in the ability of the company to sell homes and did not expect any further uncertainty as the Brexit process begins.

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