British housebuilder Crest Nicholson latest firm to be hit by slowdown

Firm cut its annual profit view, sending shares to a near three-year low

Data showed asking prices for homes in Britain fell sharply this month amid rising mortgage costs.

British housebuilder Crest Nicholson cut its annual profit view, sending shares to a near three-year low as it became the latest British housebuilder to flag weakening conditions.

Britain’s housing sector is facing a pronounced slowdown as high interest rates push up mortgage rates, adding to a squeeze on the finances of prospective homebuyers.