Crest Nicholson continues push into social housing

Crest Nicholson, the residential and mixed use developer, continues to further push into the social housing market.

Announcing the group's interim results (six months to 30 April 2004) this morning (Thursday), chief executive John Callcutt said: "The volume of affordable unit sales will more than double in 2004 and we expect total 2004 housing volumes to be up around 30% on 2003."

The group's interim turnover of £280m resulted in a pre-tax profit of £36m.

In the housing division, turnover from housing sales was 7.5% higher at £230m from 1,055 units. The average selling price of £215,000 was well down from the previous figure of £253,000 as a result of the push into social housing.

Within the overall housing numbers, affordable housing sales increased five-fold, from £8m in the same period last year, to £41m.

Crest's short-term, housing landbank is up 11% at 14,700 plots.